Andrew Spiro Pandis, of Forest Hills, New York, a stockbroker registered with Cetera Investment Services LLC, was the subject of a customer initiated investment related “civil action” that was settled for $7,281.05 in damages based upon allegations that Pandis breached a contract in connection with the sale of fixed annuities when Pandis was associated with Cetera Investment Services LLC., Civil Action No. CV-011197-23 (Civil Court of New York)(November 17, 2023).
It is well established that fixed annuities are not “securities.” They are merely insurance products, and as such claims regarding these products, are outside of the scope of FINRA Arbitration, specifically, Rule 12200 provides that in order for dispute to be arbitrable, the dispute must arise in connection with the business activities of the member or the associated person, except disputes involving the insurance business activities of a member that is also an insurance company.
In any event, Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Pandis is referenced in three other customer initiated investment related disputes concerning Pandis’ conduct while associated with securities broker dealers. On June 29, 2023, a customer filed an investment related complaint involving Pandis’ conduct in which the customer requested damages based upon allegations that Pandis made misrepresentations of material fact in connection with the sale of mutual funds during the time that Pandis was associated with Cetera Investment Services LLC. This complaint was denied on July 6, 2023.
On July 12, 2023, a customer filed an investment related FINRA securities arbitration claim involving Pandis’ conduct in which the customer requested $50,000.00 in damages based upon allegations that Pandis made misrepresentations of material fact about the safety of real estate securities when Pandis was associated with Essex National Securities Inc. FINRA Arbitration No. 23-01948.
Pandis is also referenced in a FINRA securities arbitration claim in which the customer requested $50,000.00 in damages based upon allegations that Pandis recommended unsuitable REITs when Pandis was associated with Essex National Securities LLC. FINRA Arbitration No. 23-02238 (August 16, 2023).
Pandis has been associated with Cetera Investment Services LLC in Forest Hills, New York since December 1, 2017. He has been associated with Cetera Investment Advisers LLC in Forest Hills, New York since April 12, 2021.
