Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Dimitrios Michelis (Michelis) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Michelis was employed by UBS Financial Services INC. at the time of the activity. If you have been a victim of Michelis’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $2,016,098.00 on August 15, 2025.
Time Frame: July 1st, 2016 to August 15th, 2025 What were the allegations against the individual? The clients attorney alleges selling away. The clients attorney further alleges that the Financial Advisor misrepresented the investments by saying they were safe, legitimate, and income producing, assuring him that they carried minimum risk and would pay promised interest. The clients attorney finally alleges that the investments were unsuitable, conflicted and harmful.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,790,000.00 on August 15, 2025.
Time Frame: May 1st, 2012 to August 15th, 2025 What were the allegations against the individual? The clients attorney alleges selling away. The clients attorney further alleges that the Financial Advisor misrepresented the investments by saying they were safe, legitimate, and income producing, assuring him that they carried minimum risk and would pay promised interest. The clients attorney finally alleges that the investments were unsuitable, conflicted and harmful.
Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in receiving loans from clients or selling securities sales through OBAs. The practice of selling unapproved investments, promoting fraudulent schemes to hide misused funds, and engaging in other deceptive acts is known in the industry as “selling away,” a major infraction of securities laws. In the industry, “selling away” describes a financial advisor soliciting investments in companies, promissory notes, or other securities that lack prior approval from their affiliated brokerage firm. Sometimes those investments have some legitimacy but often times these types of investments can end up being Ponzi schemes or the advisor can be engaging in the conversion of funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To adequately supervise their brokers, firms must implement systems that track advisors’ activities and communications with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Michelis has been in the securities industry for more than 28 years. Michelis has been registered as a Broker with UBS Financial Services INC. since 2011.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.