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Read MoreMichael Sandberg: Aegis Advisor Fired by Ameriprise
Boca Raton financial advisor Michael Sandberg (CRD# 1949867) was recently fired by Ameriprise Financial Services in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is now registered as a broker and an investment advisor with Aegis Capital Corporation.
Mr. Sandberg’s BrokerCheck report discloses his termination from Ameriprise Financial Services. Filed in October 2024, it states that the firm fired him “for violation of company policies related to fiduciary relationships and providing inaccurate information to the Firm.”
Another disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in 2020, it alleged that as a representative of Oppenheimer & Company, he committed fraud, breached his fiduciary duty, acted negligently, and recommended unsuitable investments in annuities and exchange-traded funds. The complaint reached a settlement of $14,900. “Mr. Sandberg was not named as a respondent in the complaint,” states a comment included with the disclosure, “and was not asked to contribute to the settlement.”
An earlier investor complaint, filed in 2009, alleged that as a representative of Newbridge Securities Corporation, he made unsuitable transactions. In 2011 the complaint reached a settlement of $50,000.
A third investor complaint, also filed in 2009, alleged that as a Newbridge Securities representative, he breached his fiduciary duty, breached contract, made misrepresentations of material facts, acted negligently, recommended unsuitable investments, and made unauthorized trades. In 2011 the complaint reached a settlement of $80,000.
A fourth investor complaint, filed in 2009, alleged that he misrepresented material facts, made unauthorized trades, breached contract, and breached his fiduciary duty as a representative of Newbridge Securities. In 2011 the complaint reached a settlement of $77,500.
According to the Financial Industry Regulatory Authority, Michael Sandberg holds 35 years of securities industry experience. Based in Boca Raton, Florida, he has been registered as a broker and an investment advisor with Aegis Capital Corporation since November 2024. His past registrations include Ameriprise Financial Services, Oppenheimer & Company, Newbridge Securities, Wachovia Securities, Prudential Securities, Painewebber, Smith Barney Shearson, and the GMS Group. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 22 state licenses. He holds 49 state licenses. (Information current as of December 9, 2024.)
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