Michael Scott Androulakis (also known as Mike Andrews), of New York, New York, a stockbroker currently registered with Alexander Capital LP, is identified in a customer initiated investment related, FINRA Securities Arbitration claim which was settled for $8,000.00 in damages supported by accusations of Androulakis’ breach of contract and negligence concerning a non-traded real estate investment trust (non-traded REIT) held by the customer during the time that Androulakis was associated with Alexander Capital. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00102 (April 13, 2021).
Androulakis has been identified in three more customer initiated investment related disputes regarding allegations of his wrongdoing while employed by Legend Securities. FINRA Public Disclosure shows that Androulakis is referenced in a customer initiated investment related written complaint which was resolved for $20,000.00 in damages based upon accusations of Androulakis’ use of margin relating to over-the-counter equities trades.
Another customer initiated investment related civil action involving Androulakis’ activities was settled for $50,000.00 in damages founded on allegations of poor performance on an equity transaction executed by Androulakis at Legend Securities.
On August 12, 2016, another customer initiated investment related arbitration claim concerning Androulakis’ conduct was resolved for $50,000.00 in damages supported by accusations of Androulakis’ negligence and breach of fiduciary duty concerning common and preferred stock trades and over-the-counter equities trades while Androulakis was registered with Legend Securities. FINRA Arbitration No. 15-00484. The claim alleges churning in the customer’s account. According to the claim, the customer’s funds were misappropriated by Androulakis.
Androulakis has been fined $5,000.00 and suspended for three months from associating with any FINRA member in any capacity based upon findings that unsuitable recommendations of leveraged exchange-traded funds were made to Legend Securities’ customers by Androulakis. Letter of Acceptance, Waiver, and Consent No. 2015047602803 (March 20, 2018).
According to the claim, non-traditional exchange-traded funds had been recommended by Androulakis for three elderly investors. Androulakis failed to understand the risks pertaining to these investments, including the risks pertaining to using leverage and holding the investments for prolonged periods. The regulator states that these customers held the investments for as many as 531 days even though the investments were meant for short-term trading. FINRA states that customers sustained $42,000.00 in losses. Androulakis violated FINRA Rules 2010 and 2111 for failing to have an adequate basis in concluding that his investment recommendations were suitable for customers.
Androulakis has been registered with Alexander Capital LP since June 13, 2016.
