FINRA Bars Indianapolis Advisor David Karandos

Pending investor complaints against former Dinosaur Financial advisor David Karandos (CRD# 1934119) allege that his recommendations led to six-figure losses. Financial Industry Regulatory Authority records show that the Indianapolis-based representative has been barred by FINRA over findings he refused to cooperate with an investigation into his conduct. 

According to a Letter of Acceptance, Waiver, and Consent (No. 2022073675001) issued in July 2022,  in June 2022 FINRA sent Mr. Karandos a request to provide on-the-record testimony as part of its investigation into his conduct. The Letter states that Mr. Karandos indicated to FINRA later that month that he would not appear for the requested testimony. FINRA found that this refusal constituted a violation of FINRA Rules 8210 and 2010, barring him from association with any FINRA member firm in any capacity.

Mr. Karandos’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2021, alleges that he made unsuitable investments in alternative products while a representative of Dinosaur Financial Group. The pending complaint alleges damages of $500,000.

A second complaint, filed in July 2021, alleges that Mr. Karandos recommended unsuitable alternative investments while at DLG Wealth Management. The pending complaint alleges unspecified damages believed to exceed $5,000.

A third complaint, filed in November 2020, alleges that Mr. Karandos made unsuitable investments and “improperly withdrew funds” from accounts while he was a representative of Dinosaur Financial Group. The pending complaint alleges damages of $436,000.

According to the Financial Industry Regulatory Authority, David Karandos holds 28 years of securities industry experience. Last based in Indianapolis, Indiana, he was most recently registered with Dinosaur Financial Group, from 2013 until 2019. His past registrations include Morgan Stanley Smith Barney, Morgan Stanley & Company, UBS Financial Services, Merrill Lynch, and Mimlic Sales Corporation. His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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. Having been barred from associating with any FINRA member firm in any capacity, he currently holds no state licenses as a broker. (Information current as of July 8, 2022.)

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