David Andalman Fired by Millennial Advisers

David Andalman (CRD #: 1579075) has been fired by Millennial Advisers. This disclosure appears on his BrokerCheck record, accessed on March 6, 2024. Keep reading if you have questions regarding his alleged conduct.

Termination 

Millennial Advisers fired David Andalman following allegations of violations of firm policy and unprofessional conduct. 

Customer Dispute/Award 

On March 28, 2018, an investor alleged that David Andalman following allegations that he engaged in “churning,” also known as commission abuse or excessive trading. 

The investor sought $100,000 and the dispute settled for $53,600. You can see the arbitration details here.

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Excessive trading violates this rule. 

Background Information 

David Andalman has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 57TO Securities Trader Exam 
• SIE – Securities Industry Essentials Examination 
• Series 55 Limited Representative-Equity Trader Exam
• Series 7 General Securities Representative Examination
• Series 3 National Commodity Futures Examination 
• Series 4 Registered Options Principal Examination 

During his 31 years of experience, David Andalman has registered with nine firms. These are the five more recent: 

• Allied Millennial Partners (CRD #: 16569) 
• PTI Securities & Futures L.P. (CRD #: 29275) 
• Best Direct Securities (CRD #: 146053) 
• Robbins Securities (CRD #: 104982) 
• LaSalle St. Securities (CRD #: 7191)

Kurta Law Can Help 

If you have worked with David Andalman and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.