Michael S. Androulakis, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he effected a transaction in a customer’s account without authorization. Letter of Acceptance, Waiver and Consent, No. 2015044059101 (Nov. 10, 2016).
According to the AWC, Androulakis sold approximately $52,720.00 worth of stock in the account of customer JK, despite not having JK’s authorization to effect the transaction. Androulakis reportedly acted upon a frivolous wire transfer request from a customer purportedly representing JK. Apparently, Androulakis never retrieved proper instructions from the customer, nor received authorization from his firm prior to executing the transaction. As such, FINRA found Andreoulakis’ conduct to be violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Androulakis has been subject to three customer arbitrations. Particularly, on November 10, 2014, a customer initiated investment related arbitration claim involving Androulakis’s conduct was settled for $20,000.00 in damages based upon allegations of Androulakis’ misconduct concerning a customer’s margin account.
On April 24, 2015, a customer initiated investment related arbitration action involving Androulakis’ actions was resolved for $50,000.00 in damages based upon allegations that Androulakis breached his fiduciary duty to the customer, misappropriated the customer’s funds, churned the customer’s investment account, and negligently handled the customer’s account. On November 17, 2015, another customer initiated investment related arbitration action was settled for $50,000.00 in damages based upon allegations that Androulakis was responsible for the customer’s losses pursuant to an equity transaction.
Androulakis’ registration with Legend Securities, Inc. ended in July of 2016. He has been registered with Alexander Capital, L.P. since June of 2016.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
