Last Updated: December 2024 (Boca Raton, FL)
Michael Sandberg Investigation Summary
Here’s What You Need to Know About Boca Raton, FL Stockbroker Michael Sandberg:
- Name: Michael Sandberg
- Current Employer: Aegis Capital Corp.
- Prior Employers:
- Ameriprise Financial Services, LLC (2019–2024)
- Oppenheimer & Co. Inc. (2018–2019)
- Newbridge Securities Corporation (2005–2014)
- Wachovia Securities LLC (2003–2005)
- Function: Stockbroker / Financial Advisor/ Registered Investment Advisor
- Aliases: Michael Sandberg
- Primary Location: Port St. Lucie, FL
- CRD Number: 1949867
- Can Michael Sandberg Be Sued in FINRA Arbitration: Yes
- Sanctioned by FINRA: Yes
- Discharged by Prior Employer: Yes
- Highest Settlement or Award: $105,000
If you’ve sustained damages from Mr. Sandberg, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Sandberg as Your Stockbroker?
Michael Sandberg has been the subject of multiple customer disputes and a regulatory action. Notably:
- Regulatory Action (2005): Mr. Sandberg was fined $10,000 and issued a cease and desist order by the state of Florida for excessive mutual fund trading, which caused significant client fees.
- Allegation: Frequent buying and selling of mutual funds that generated substantial sales charges for clients.
- Resolution: Finalized through stipulation and consent and a monetary fine of $10,000.
- Customer Settlements include:
- $105,000 Settlement (1995): Allegations of recommending unsuitable mortgage-backed securities recommendations.
- $80,000 Settlement (2011): Claims of breach of fiduciary duty, suitability issues, and misrepresentation regarding structured products.
- $50,000 Settlement (2011): Allegations of unsuitable transactions and high-risk investments.
- Pending Dispute: Alleges poor advice resulted in losses of $100,000.
These allegations point to a pattern of behavior involving unsuitable recommendations and violations of clients’ best interests, which may violate FINRA Rule 2111 (Suitability Rule) and FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade).
FINRA Rule 2010-states that a member: “in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
FINRA Rule 2111- suitability – Regulation Best Interest
In 10/2024 Sandberg was discharged by Ameriprise Financial where he had been employed since 2019. Ameriprise alleges that Sanberg violated company policies related to fiduciary relationships and provided inaccurate information to the firm.
Allegations of Broker Misconduct Against Michael Sandberg
Customers and regulatory filings have alleged the following misconduct against Michael Sandberg:
- Excessive Trading: Allegations of frequent mutual fund transactions that generated high sales fees.
- Unsuitable Recommendations: Recommendations of high-risk products, including mortgage-backed securities and structured products.
- Unauthorized Trading: Customer complaints of trades being executed without consent.
- Breach of Fiduciary Duty: Failing to act in the clients’ best interests when managing accounts.
Other Cases Involving Unauthorized Trading
Recover Your Investment Losses Now With Rex Securities Law
Investigations of other Ameriprise Financial brokers
If you have suffered investment losses in an account handled by Michael Sandberg, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.