Former Dinosaur Financial Group, L.L.C and DLG Wealth Management broker David Karandos (CRD# 1934119) faces multiple customer complaints regarding unsuitable investment recommendations. He was registered with Dinosaur Financial Group, L.L.C in Indianapolis, Indiana from 2013 to 2019. He was previously registered with DLG Wealth Management in New York, New York from 2013 to 2019 and with Morgan Stanley Smith Barney in Indianapolis, Indiana from 2009 to 2012.
In October 2013, the State of Michigan sanctioned a denial of Karandos’ registered regarding: “Karandos is summarily denied because he omitted information on his R-4 form related to a compromise with a creditor and his criminal history, he is the subject of an order issued by a state securities regulator and has engaged in dishonest or unethical practices in the securities and investment business within the previous 10 years.”
In July 2022, FINRA barred David Karandos after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA.
David Karandos Customer Complaints
He has been the subject of seven customer complaints between 2003 and 2021, one of which was denied, according to his CRD report. The most recent complaints are regarding:
August 2021. “Claimant alleges that the Firm’s former registered representative placed unsuitable investments in the husband’s IRA, a qualified account. The claim further alleges that the activity was in contravention of Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 that requires broker-dealers to supervise reasonably, with a view toward preventing violations of the federal securities laws and FINRA Rule 2111 that requires investments be suitable for customers based of the facts disclosed by such customer as to his other security holdings and his financial situation and needs.” The customer is seeking $500,000 in damages.
November 2020. “By letter received November 19, 2020, counsel for client complained that Karandos placed client in unsuitable investments from 2014 to 2018 and improperly withdrew funds from other family accounts from 2016 to 2018.” The customer is seeking $436,000 in damages and the case is currently pending. The complaint took place while he was registered with Dinosaur Financial Group and was regarding direct investments and LP Interests.
November 2020. “Allegations of unsuitable recommendation during October 2014 through May 2017.” The case is currently pending. The complaint took place while he was registered with DLG Wealth Management LLC and was regarding alternative investments.
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, Dinosaur Financial Group, L.L.C and DLG Wealth Management may be liable for investment or other losses suffered by Karandos’ 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.
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