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Michael D’Andrea: Sovereign Global Advisor Receives $100K Complaint
Melville, New York financial advisor Michael D’Andrea (CRD# 5919930) recently received an investor complaint alleging that he churned investments and committed fraud. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Sovereign Global Advisors.
Mr. D’Andrea BrokerCheck report discloses one investor complaint. Filed in September 2023, it alleges that as a representative of Sovereign Global Advisors, he churned investments, breached his fiduciary duty, committed fraud, acted negligently, made unauthorized transactions, and recommended unsuitable trades. The pending complaint alleges damages of $100,000.
For reference, the execution of unauthorized transactions may violate FINRA Rule 3260, which establishes specific conditions in which brokers like Mr. D’Andrea may conduct trading without first consulting their client. Unauthorized trading may also violate FINRA Rule 2010, which stipulates that brokers must “observe high standards of commercial honor and just and equitable principles of trade.” A third important rule investors should be aware of is FINRA Rule 2020, which states that no broker may “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who executed unauthorized trades may be held liable for damages and/or subject to disciplinary action.
According to the Financial Industry Regulatory Authority, Michael D’Andrea holds 12 years of securities industry experience. Based in Melville, New York, he has been a broker and an investment advisor with Sovereign Global Advisors since 2016. His past registrations include National Securities Corporation (Westbury, New York; 2012-2016) and Trident Partners (Woodbury, New York; 2011-2012). His credentials include the passage of four securities industry qualifying exams: 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 Combined State Law Examination, or Series 66. He currently holds 30 state licenses. (Information current as of October 15, 2023.)
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