Unauthorized trading was one of several charges
Apostolos Nicholas Papadea, who has worked in the brokerage industry since 1969, has come under scrutiny in recent years for a variety of alleged infractions, including making trades without permission from his clients. As a result, he has been fined and suspended by the Financial Industry Regulatory Authority (FINRA).
Papadea has worked for three different companies over the last 13 years, including Wachovia and Wells Fargo in Columbia, SC. Since January of this year, Papadea has been employed with Advisory Services Network in Atlanta, GA.
Most of the charges against Papadea are related to improper trades. At different times, he was accused of failing to get authorization from his clients and not informing them until after the trades were completed. In addition, Papadea allegedly lied and omitted facts regarding the circumstances in which the trades were made.
Further charges include not disclosing facts about the risk of investing in stocks and mutual funds, and making unsuitable investments, which means they were conducted without paying attention to the relevant details of a customer’s portfolio and overall financial situation. Another of his former clients said that Papadea used unauthorized discretion in his retirement account.
As a result of these allegations, Papadea was fined $5,000 and suspended for 20 business days. To learn more about the complaints against him, you can read this free BrokerCheck report from FINRA.
Did you employ Apostolos Nicholas Papadea to handle your investments? If you have lost money as a result, you may be able to recover these losses through securities arbitration.
The Silver Law Group represents people who have been victimized by fraudulent investment tactics. We are a contingency-based firm, which means we will only collect a fee if you are able to recover money. For a no-obligation consultation with an experienced arbitration attorney, contact our firm at (800) 975-4345 or through our online form.