Legend Securities Stockbroker Suspended For Unauthorized Trading
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.
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