Andy Galy: $75K Complaint Against New Orleans Private Wealth Advisor

Metairie, Louisiana financial advisor Andy Galy (CRD# 1915564) recently received an investor complaint alleging his investment advice resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cambridge Investment Research, doing business as New Orleans Private Wealth Management.

Mr. Galy’s BrokerCheck report discloses one recent investor complaint. Filed in July 2022, it alleges that as a representative of Cambridge Investment Research, he recommended an investment strategy that “almost entirely” included “high-risk, speculative and illiquid investments,” including oil and gas and real estate products. The pending complaint alleges damages of $75,000.

An earlier complaint listed on Mr. Galy’s BrokerCheck report, filed in 2002, similarly alleged that he sold unsuitable investments in high-yield junk bonds and did not make the client aware of the risks of margin trading. In 2004 the complaint reached a settlement of $37,000.

According to the Financial Industry Regulatory Authority, Andy Galy holds 33 years of securities industry experience. Based in Metairie, Louisiana, he has been a broker and an investment advisor with Cambridge Investment Research since 2014, doing business as New Orleans Private Wealth Management. His past registrations include AXA Advisors (Metairie, Louisiana; 2009-2014), ING Financial Partners (Metairie, Louisiana; 2007-2009), FBT Investments (Metairie, Louisiana; 2001-2007), Sisung Securities Corporation (Appleton, Wisconsin; 2000), American Fronteer Financial Corporation (Denver, Colorado; 1996-2000), Dickinson & Company (Des Moines, Iowa; 1994-1996), and FN Wolf & Company (1989-1994). His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the Municipal Securities Principal Examination, or Series 53; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Alabama, Arizona, California, Colorado, Florida, Iowa, Louisiana, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia. (Information current as of August 26, 2022.)

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