Sandy Fischman Allegedly Misrepresented Commissions

Sandy Fischman (CRD #: 5902109), a broker registered with Wells Fargo Advisors Financial Network, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on October 19, 2025. Keep reading if you have questions regarding his alleged conduct.

Investor Allegations

On September 5, 2025, an investor alleged that Sandy Fischman misrepresented the commissions charged on individual trades and the opening of a managed account.

According to allegations filed on August 22, 2025, an investor alleged that Sandy Fischman misrepresented commissions charged on equity trades and placement fees on an alternative investment.

Employment Separation After Allegations

On July 22, 2025, Sandy Fischman voluntarily resigned from Morgan Stanley following allegations concerning the movement of client shares between different account types.

Misrepresentation

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s potential fees and commissions.

Background Information

Sandy Fischman has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in 44 states and D.C. He is a registered investment adviser in New Jersey and Texas.

Sandy Fischman has registered with the following firms:

• Wells Fargo Advisors Financial Network (CRD #: 11025)
• Morgan Stanley (CRD #: 149777)
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
• Dinosaur Financial Group (CRD #: 104446)
• Laidlaw Financial Group (CRD #: 119037)
• Spartan Capital Securities (CRD #: 146251)
• Portfolio Advisors Alliance (CRD #: 101680)

Kurta Law Can Help

If you worked with Sandy Fischman and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.