Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into former financial advisor Andrew Komarow (CRD #5838564) following serious federal criminal charges and regulatory actions. If you suffered investment losses connected to Andrew Komarow, you may be entitled to recover your funds. Call 1-888-885-7162 for a free consultation.
Who Is Andrew Komarow? Background and Employment History
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Andrew Komarow is a former securities professional from Avon, Connecticut, who worked in the financial services industry for approximately twelve years. His career included registrations with several well-known broker-dealers operating out of West Hartford, CT.
| Broker-Dealer | Location | Dates of Employment |
|---|---|---|
| Royal Alliance Associates, Inc. | West Hartford, CT | 12/13/2022 – 01/04/2023 |
| LPL Financial LLC | West Hartford, CT | 04/26/2016 – 12/22/2022 |
| Pruco Securities, LLC | West Hartford, CT | 10/29/2010 – 05/23/2016 |
Komarow was also affiliated with Private Advisor Group, an investment advisory firm that offers securities through LPL Financial. His longest tenure was with LPL Financial, where he spent over six years before moving to Royal Alliance Associates for a brief period.
Federal Criminal Indictment: The Charges Against Andrew Komarow
In March 2026, a federal grand jury indicted Andrew Komarow on multiple serious charges stemming from an alleged multi-million-dollar “free-riding” trading scheme. The indictment was announced by the U.S. Attorney’s Office for the District of Connecticut.
The charges include:
- 10 counts of wire fraud
- 1 count of securities fraud
Each count carries a maximum potential prison sentence of up to 20 years if convicted. Komarow has pleaded not guilty and was released on a $50,000 bond.
What Is a “Free-Riding” Scheme?
Understanding this alleged scheme is essential for investors evaluating their own situations. “Free riding” occurs when an investor purchases securities without having the funds to pay for them, then attempts to sell those securities before payment is due—using the sale proceeds to cover the original purchase.
This practice violates federal securities regulations and creates significant risks:
- Creates substantial credit risk for brokerage firms
- Can distort market integrity
- Often results in significant financial losses when trades fail
- May artificially inflate trading activity
Specific Allegations Against Andrew Komarow
According to federal prosecutors and the SEC, the alleged misconduct occurred between October 2022 and January 2023. The accusations paint a detailed picture of the scheme.
Key allegations include:
- Komarow allegedly initiated approximately $8.9 million in ACH transfers to brokerage accounts from bank accounts with insufficient funds
- He allegedly used these funds for short-term, high-risk options trading
- The scheme allegedly resulted in losses exceeding $3.3 million to three financial services firms
- Komarow allegedly withdrew approximately $615,000 while leaving brokerage firms responsible for the losses
- In one instance, regulators alleged he attempted to transfer $2.4 million from a bank account containing only $100
Regulatory Actions: FINRA Bar and SEC Charges
The criminal charges followed earlier enforcement actions by securities regulators.
FINRA Action (June 2023): The Financial Industry Regulatory Authority barred Andrew Komarow from the brokerage industry. FINRA found that Komarow allegedly processed ACH instructions for his own account despite knowing there were insufficient funds, then used the resulting credit to place trades that created a negative balance.
SEC Charges (2024): The Securities and Exchange Commission charged Komarow with operating a free-riding scheme involving millions of dollars in unfunded transactions. The SEC alleged he made material misrepresentations to trade approximately $6.9 million in securities without sufficient funds.
Partial Settlement Terms: Komarow agreed that he would not open any brokerage account without providing the firm with a copy of the SEC’s complaint and judgment. He is also prohibited from placing trades using unsettled cash.
Red Flags Investors Should Recognize
This case highlights several warning signs that investors should be aware of when working with any financial advisor.
- Short employment tenures: Komarow’s final position at Royal Alliance lasted less than one month
- Regulatory actions: A FINRA bar is a serious disciplinary action that permanently removes an individual from the industry
- High-risk trading strategies: Allegations of short-term, high-risk options trading without proper funding
- Multiple enforcement actions: When both FINRA and the SEC take action, it often signals significant compliance failures
You can verify any advisor’s background by checking their FINRA BrokerCheck report before investing.
Brokerage Firm Responsibility
Brokerage firms have a legal duty to supervise their financial advisors and ensure trading activity complies with industry regulations. When advisors engage in misconduct, their employing firms may be held liable for investor losses through FINRA arbitration—particularly if the firm failed to properly monitor or supervise the advisor’s conduct.
This is an important consideration for anyone who may have been affected by Komarow’s activities while he was registered with LPL Financial, Royal Alliance Associates, or Pruco Securities.
How Haselkorn & Thibaut Can Help
Haselkorn & Thibaut (investmentfraudlawyers.com) is a national securities fraud law firm with over 50 years of combined experience representing investors in claims against brokerage firms and financial professionals. The firm has achieved a 98% success rate and has recovered millions of dollars for clients nationwide.
FINRA arbitration is often the primary legal avenue available to investors seeking to recover losses caused by broker misconduct. The experienced attorneys at Haselkorn & Thibaut understand the complexities of these cases and can evaluate your situation at no cost.
The firm operates on a contingency basis: no recovery, no fee.
Contact Information for a Free Consultation
If you suffered investment losses involving Andrew Komarow or have concerns about your investments with LPL Financial, Royal Alliance Associates, or any affiliated firm, you may have legal options available.
Call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation.
Time limitations may apply to potential claims, so it is important to explore your options promptly. The consultation is free, and you will not pay any fees unless you recover compensation.
