Michael Robert Dandrea (CRD #5919930) Has Customer Dispute Disclosures on FINRA BrokerCheck

Michael Robert Dandrea (CRD #5919930) is a broker with customer disputes on FINRA BrokerCheck. We reviewed his BrokerCheck report on January 27, 2026. It reflects two customer disputes. If you invested with Michael Dandrea and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Michael Dandrea’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries of the disputes are below:

On November 5, 2025. A customer alleged excessive trading and sought $1,440,000 in damages. BrokerCheck lists the product as equity listed (common and preferred stock). The case is pending under FINRA docket 25-02342.

On September 19, 2023. A customer alleged churning and unauthorized and unsuitable trading, among other claims. The customer sought $100,000 in damages, and BrokerCheck lists the product type as “Other.” The complaint was closed without action on August 12, 2025.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires brokers to have a reasonable basis for each recommendation. It also requires recommendations to fit a customer’s profile, including risk and time horizon. Disputes about excessive or unsuitable trading often focus on whether those factors were considered.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires brokers to observe high standards of commercial honor. It also requires just and equitable principles of trade. Customer complaints about churning or unauthorized trading can raise concerns under this rule.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on His FINRA BrokerCheck report, Michael Dandrea:

Is currently registered with Arete Wealth Advisors, LLC and Arete Wealth Management, LLC.

Has passed the Securities Industry Essentials (SIE) exam and Series 7. He has also passed Series 66 and Series 63.

Was previously registered with firms that include Sovereign Global Advisors, LLC and National Securities Corporation.

Kurta Law Can Help

If you have worked with Michael Dandrea and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Fraud | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.