Broker Andrew Komarow Barred by FINRA

Royal Alliance Associates

Erez Law is currently investigating broker Andrew Komarow (CRD# 5838564), who focused on investment clients with special needs. He is the founder and president of Planning Across The Spectrum, which has a core mission to provide a service creating financially secure paths for individuals and families with special needs.

He was previously registered with Royal Alliance Associates, Inc. in West Hartford, Connecticut, from 2022 to 2023. Before then, he was registered with LPL Financial LLC in West Hartford, Connecticut, from 2016 to 2022, when he was terminated regarding, “Representative processed ACH instructions for his own account knowing there were insufficient funds, then improperly used credit to place trades, resulting in negative balance.” Prior to then, he was registered with Pruco Securities, LLC in West Hartford, Connecticut, from 2010 to 2016, when he was terminated regarding, “On at least one occasion, Mr. Komarow initiated an electronic fund transfer (“EFT”) into his personal account at a third-party custodian for amounts that were not available in the bank account from which Mr. Komarow directed the EFT to be drawn. Mr. Komarow confirmed he knew there were insufficient funds in the bank account at the time he initiated the EFT. Subsequently, Mr. Komarow placed trades in his personal account with those funds thereby creating a debit in the account when the bank did not honor the EFT due to insufficient funds.”

In June 2023, FINRA barred him after he refused to provide on-the-record testimony and to produce documents and information in connection with its investigation. FINRA found that the firm terminated Andrew Komarow “for processing ACH instructions for his own account knowing there were insufficient funds, then improperly using credit to place trades, resulting in negative balance. Subsequently, the firm filed an amended Form U5 disclosing that its internal review had concluded that Komarow had caused a personal account to be opened and ACH instructions to be processed, knowing accounts had insufficient funds and used credited funds to engage in trading that generated losses in the personal account, prior to the firm receiving ACH rejection due to insufficient funds. In response to FINRA’s requests, Komarow produced certain documents to FINRA, but he did not respond fully to its request for documents and information. Ultimately, Komarow neither produced the additional requested documents and information nor appeared to provide on-the-record testimony.”

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Royal Alliance Associates, Inc. may be liable for investment or other losses suffered by Andrew Komarow’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

"*" indicates required fields

Please do not include any confidential or sensitive information in this form. Submitting this form does not create an attorney-client relationship.

Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.