FINRA suspends Michael Scott Androulakis (CRD #2793638, Staten Island, New York)
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Lost Money Investing in L3 Capital Income Fund ???
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March 20, 2018 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which Androulakis was fined $5,000, suspended from association with any FINRA member in all capacities for three months and required to attend and satisfactorily complete 10 hours of continuing education concerning complex products, including exchange-traded funds. Without admitting or denying the findings, Androulakis consented to the sanctions and to the entry of findings that he failed to have a reasonable basis to recommend and effect unsuitable Non-Traditional ETF transactions in the accounts of senior citizen customers. The findings stated that Androulakis’ customers held the Non-Traditional ETFs for periods as long as 531 days, despite the fact that these Non-Traditional ETFs were short-term trading vehicles not meant to be held for extended periods. In total, the customers invested over $177,000 resulting in losses of approximately $42,000. Androulakis lacked a sufficient understanding of the Non-Traditional ETFs at issue, and did not conduct the required diligence to understand the investment. In addition, as Androulakis did not understand the true risks associated with Non-Traditional ETFs, such as the increased risks associated with the use of leverage, there was no way for him to accurately determine whether the Non-Traditional ETFs were suitable for any particular customer. The suspension is in effect from April 16, 2018, through July 15, 2018. (FINRA Case #2015047602803). If you or someone you know has lost money investing with Michael Androulakis, call the experienced attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.