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Andrew Melikidse: $350,000 Complaint Against Studio City Broker
A pending investor complaints against SagePoint Financial broker Andrew Melikidse (CRD# 2353534) alleges losses exceeding $300,000. According to Financial Industry Regulatory Authority (FINRA) records, Melikidse is currently based in Studio City, California.
Andrew Melikidse’s BrokerCheck report lists one settled investor complaint and one pending investor complaints against him. Filed in April 2021, the pending complaint alleges that as a representative of SagePoint Financial, Andrew Meliksde recommended unsuitable purchases of a real estate investment trust product and a business development company product. The pending complaint alleges damages of $350,000.
A complaint filed in 2005 alleged that as a representative of WM Financial Services, Andrew Melikidse recommended an unsuitably illiquid variable annuity product. The complaint reached a settlement of $9,271.99.
Andrew Melikidse’s member firm, SagePoint Financial, has itself received 11 investor complaints that evolved into arbitration, according to the firm’s BrokerCheck report.
For instance, a complaint filed in 2015 alleged the firm committed fraud, breached its fiduciary duty, executed unauthorized trades, breached contract, violated blue sky laws, failed in its supervisory duties, and acted negligently; the complaint resulted in an award to the claimant of $57,925.01. A complaint filed in 2013 alleged the firm made misrepresentations of material facts, omitted material facts, and recommended unsuitable products; the complaint resulted in an award to the claimant of $1,462,000.
According to the Financial Industry Regulatory Authority (FINRA), Andrew Melikidse holds 27 years of securities industry experience and is currently registered with SagePoint Financial in Studio City, California. His prior registrations include SunAmerica Securities in Phoenix, Arizona; WM Financial Services in Irvine, California; Great Western Financial Securities Corporation in Northridge, California; and Pruco Securities Corporation in Newark, New Jersey. He has passed four securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; Investment Company Products/Variable Contracts Representative Examination, or Series 6; and General Securities Representative Examination, or Series 7. He currently holds 10 state securities licenses. (Information current as of August 19, 2021.)