FINRA suspends Michael Scott Androulakis (CRD #2793638, Staten Island, New York)
Get Your Free Consultation
On April 20, 2022 GWG Holdings, Inc. (GWG) filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas (case 22-90032). According to an article in the Wall Street Journal, published on the same day, the bankruptcy was due to “accounting issues...read more
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.