Shepherd Smith Edwards and Kantas Selling Away Attorneys

Former customers of broker Dimitrios Michelis are seeking $5.8 million in damages following allegations of “selling away” and the recommendation of high-risk real estate investment trusts (REITs). The law firm Shepherd Smith Edwards and Kantas is currently investigating these claims to help affected investors recover losses through FINRA arbitration.

Former Customers Allege Selling Away and Are Suing for $5.8M in Damages

Shepherd Smith Edwards and Kantas Selling Away Attorneys (investorlawyers.com) is speaking with former customers of former UBS Financial Services broker Dimitrios Michelis, who is now an Aegis Capital investment adviser out of New York. Michelis, who has worked 28 years in the industry, has two pending customer disputes listed in his BrokerCheck CRD. The claimants are alleging selling away, and they are collectively seeking $5.8M in damages over what appears to involve real estate investment trusts (REITs).

The customers are accusing Michelis of broker misconduct going back 13 years and 9 years, respectively. Other allegations made against Michelis in these FINRA lawsuits include unsuitable recommendations, misrepresentations, and omissions of these high-risk products as low-risk, even income-producing.

UBS Financial should have been aware of Michelis’ alleged selling away actions and stopped him. Brokerage firms have a duty to properly oversee their financial advisors and activities in customers’ accounts. They can be held liable for failure to supervise if they neglect to identify or stop broker misconduct.

What Is Selling Away?

This is the term given to when a broker sells investments that were never approved by their brokerage firm of record and without the firm’s knowledge. Unapproved products are risky because they haven’t been properly vetted. This can expose customers to unregistered, even fraudulent investments and could lead to serious losses.

Brokers sell away for different reasons, such as the lure of higher commissions or to conceal wrongdoing on their part. Even if a customer wants a financial advisor to sell away, this would be against regulations. The only exception is if the financial advisor obtains authorization from their member firm first before selling away.

Shepherd Smith Edwards and Kantas represents investors who have suffered losses because of this type of broker misconduct. We know how to determine whether selling away played a part in your portfolio losses.

I’m An Investor. How Do I Know If I Was The Victim of Selling Away?

Our selling away attorneys can help you evaluate the cause of your losses. We offer seasoned securities representation and personalized attention. We have helped thousands of investors to secure awards and settlements from broker-dealers and investment advisers.

If you do have grounds for a selling-away claim, and we decide to work together, we would conduct a thorough investigation into your losses, including whether other broker misconduct was involved. Shepherd Smith Edwards and Kantas file your investment loss recovery claim in FINRA arbitration and represent you in all proceedings.

Call our Selling Away Attorneys at (800) 259-9010 or contact us online today for your free case consultation.