Advisor Alert: Our Attorneys Are Investigating Michael Sandberg For Investment Fraud
Did You Lose Money Because of Michael Sandberg?
Filed: January 24, 2024
Michael Sandberg currently has one (1) pending customer complaint. Overall, he has been the subject of one (1) regulatory event, ten (10) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Michael Sandberg.
Who Is Michael Sandberg of Ameriprise Financial Services, LLC?
- Advisor Name: Michael Sandberg
- Aliases: Michael Sandberg
- CRD: 1949867
- Location: Boca Raton, Florida
- Current Employer: Ameriprise Financial Services, LLC
- Previous Firms: Oppenheimer & Co. Inc. and Newbridge Securities Corporation
- Number of Known Customer Complaints: 10
- Number of Known Regulatory Events: 1
- Can Michael Sandberg Be Sued: Yes, in Private Arbitration
- Can Michael Sandberg’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $2,600,000
- Highest Settlement: $105,000
If you have suffered investment losses by Michael Sandberg, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Michael Sandberg For Broker Misconduct
As of this publication date, Michael Sandberg has been the subject of 1 regulatory event and 10 customer disputes. Let’s review them below.
In December 2020, a FINRA arbitration was filed against or in reference to Michael Sandberg by a customer of Oppenheimer & Co. Inc. alleging fraud, breach of fiduciary duty, negligence, gross negligence and breach of contract in connection with allegedly unsuitable investments in annuities and ETFs. Per the customer, he/she lost over $100,000 because of Mr. Sandberg’s actions. On May 30, 2003, Mr. Sandberg settled the claim for $14,900, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In December 2020, a FINRA arbitration was filed against or in reference to Michael Sandberg by a customer of Newbridge Securities Corporation. alleging unsuitable transactions, amongst other items during the time period of July 2005 through December 2009. Per the customer, he/she lost over $800,000 because of Mr. Sandberg’s actions. On March 1, 2011, Mr. Sandberg settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In September 2009, a FINRA arbitration was filed against or in reference to Michael Sandberg by a customer of Newbridge Securities Corporation alleging breach of fiduciary duty, breach of contract, suitability, misrepresentations, negligence, and unauthorized trading related to the account during the time period of June 2007 through July 2009. Per the customer, he/she lost over $2,600,000 because of Mr. Sandberg’s actions. On March 1, 2011, Mr. Sandberg settled the claim for $80,000, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In September 2009, a FINRA arbitration was filed against or in reference to Michael Sandberg by a customer of Newbridge Securities Corporation alleging breach of fiduciary duty, breach of contract, suitability, misrepresentations, negligence, and unauthorized trading related to the account during the time period of July 2007 through July 2009. Per the customer, he/she lost over $2,000,000 because of Mr. Sandberg’s actions. On March 1, 2011, Mr. Sandberg settled the claim for $77,500, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In January 2005, a complaint was filed against or in reference to Michael Sandberg by a customer of Salomon Smith Barney Inc. alleging that Mr. Sandberg failed to disclose material facts of an annuity exchange in July of 2002.
In October 2005, Florida initiated a regulatory action against or in reference to Michael Sandberg for frequent buying and selling of mutual funds resulting in clients paying significant sale charges.
In May 2003, a NASD arbitration was filed against or in reference to Michael Sandberg by a customer of PSI alleging unsuitable investment recommendations and material misrepresentations. Per the customer, he/she lost over $670,000 because of Mr. Sandberg’s actions. On February 20, 2004, Mr. Sandberg settled the claim for $25,000, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In November 2002, a complaint was filed against or in reference to Michael Sandberg by a customer of Prudential Securities Incorporated alleging that Mr. Sandberg’s advice resulted in severe losses to the account. Per the customer, he/she lost over $100,000 because of Mr. Sandberg’s actions. As of this publication date, this claim remains pending.
In April 1996, a complaint was filed against or in reference to Michael Sandberg alleging misrepresentation mishandling. Mr. Sandberg settled the claim for $16,000, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In December 1995, a complaint was filed against or in reference to Michael Sandberg by a customer of Salomon Smith Barney Inc. alleging misrepresentation and unauthorized transactions. Mr. Sandberg settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
In July 1995, a complaint was filed against or in reference to Michael Sandberg by a customer of Salomon Smith Barney Inc. alleging unsuitable recommendation of mortgage-backed security. Per the customer, he/she lost over $135,146.19 because of Mr. Sandberg’s actions. Mr. Sandberg settled the claim for $105,000, and some or all of this amount may have been paid by Mr. Sandberg’s employer and/or insurance carrier.
How To File A Claim Against Michael Sandberg of Ameriprise Financial Services, LLC (previously with Oppenheimer & Co. Inc. and Newbridge Securities Corporation) To Get Your Money Back
If you have questions about Michael Sandberg, Ameriprise Financial Services, LLC, Oppenheimer & Co. Inc., Newbridge Securities Corporation, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.