Mike Shatsky: Sky Alpha Advisor Receives $788K Complaint

Boca Raton financial advisor Mike Shatsky (CRD# 2430683) recently received an investor complaint alleging that he misrepresented an investment, resulting in damages exceeding $700,000. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Oppenheimer & Company broker is currently registered as an investment advisor with Sky Alpha Asset Advisors.

Mr. Shatsky’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in June 2024, alleges that as a representative of Sky Alpha Asset Advisors, he made misrepresentations of material facts and “did not reasonably manage” the customers’ account. The pending complaint alleges damages of $788,000.

In a statement included with the complaint’s disclosure, Mr. Shatsky defends himself against the allegations, which he describes as meritless. “I did not misrepresent any material facts to Claimants, nor did I mismanage their account,” he writes. “Claimants were provided with oral and written disclosures of the associated investment risks, which they had assumed for a number of years in investing with me. I also reasonably managed their account during a period of time when the markets experienced a historical amount of volatility due to the COVID-19 pandemic.”

A second investor complaint, filed in 2022, alleged that as a Sky Alpha representative, he breached his fiduciary duty, made intentional and negligent misrepresentations, and grossly mis-managed an options trading strategy. In 2023 the complaint reached a settlement of $310,000.

A third investor complaint, filed in 2019, alleged that as a representative of Sky Alpha Asset Advisors, he misrepresented an options strategy and mis-managed the account. The complaint reached a settlement of $42,500.

Sky Alpha Asset Advisors’ website includes a profile of Mr. Shatsky that describes him as the firm’s Chief Investment Officer and Managing Partner. “Michael started his career at Smith Barney in 1993,” it says of his background. “There, he focused on fixed-income securities for High Net Worth Individuals and was mentored by some of the most successful advisors at the firm. They taught him to always prioritize the client’s best interests, which helped him build strong client relationships and a solid business model.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Mike Shatsky holds 30 years of securities industry experience. Based in Boca Raton, Florida, he has been registered as an investment advisor with Sky Alpha Asset Advisors since 2018. His past registrations include Oppenheimer & Company, Morgan Stanley, and Citigroup Global Markets. He is licensed in Florid and New York. (Information current as of July 20, 2024.)

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