Just a small sample of the "issues" the Sands brothers have had in the
past that might make one wonder about their ethics.

It is interesting to note that when the SANDS Entities' California attorneys tried to sue the SANDS Entities for failing to pay the fees they were owed, one of the defenses Sands used was a claim that the attorneys could not sue because they (the attorneys) were not registered to do business in New York! Ah, the irony.
But guess what,
the State of New York agreed that just one trip to New York, by a single attorney, for one meeting prior to being engaged by Sands, constituted transacting business in New York. It would be nice if California Courts sided with California citizens the way New York Courts side with theirs. One of the reasons the Sands Entities are now on their fourth California attorneys is that (according to Court filings) they don't pay their counsel.
(Click here for full document)

  In re Sands Brothers & Co., No. 05-05-01667-CV, 2006 WL 2348951
(Tex. App. Aug. 15, 2006), Patten and several other investors sued Sands for securities fraud.
Sands moved to compel arbitration and stay further proceedings. The trial court granted the motion,
but when Sandsí NASD membership was revoked, the court lifted the stay because NASD rules
 prohibit a former member from enforcing a pre-dispute arbitration agreement.

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Sands Brothers, Inc., Sands Brothers & Co. LTD., Martin S. Sands and Steven B. Sands
("Respondents"), jointly and severally, shall pay to Spine Surgery, Inc. and
Jim Odor, MD Trustee ("claimants) $261,000.00 as an award on the statement of claim.

(Click here for document)

 

Respondent Sands Brothers & CO., LTD. shall pay Claimant $1,855,000.00; and
Respondents Sands Brothers & CO., LTD. and Stephen Soler are jointly and severally
liable to Claimant for $311,000.00.
Martin Sands and Steve Sands were dismissed, individually. The Panel will not order expungement
of their
CRD records.
Respondent Sands Brothers & CO., LTD shall pay Claimant punitive damages of $1,000,000.00.

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IN THE MATTER OF: MARTIN SCOTT SANDS (CRD Number 1186904)
CONSENT ORDER CONDITIONING REGISTRATION AS AN
INVESTMENT ADVISER AGENT AND RESTRICTING SECURITIES-RELATED

ACTIVITIES File No. CO-04-7093-S

(Click here for document)

 

Ex-Sands Bros. Clients Fear Firm Will Shirk Awards
When attorney Brian McDonough won more than half a million dollars for an investor in arbitration against
brokerage firm Sands Brothers & Co. a year ago, his opponent told him there was a chance that his client might
not see the bulk of that money.

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State of Connecticut Department of Banking
IN THE MATTER OF: LAIDLAW & COMPANY (UK) LTD. f/k/a SANDS BROTHERS INTERNATIONAL LTD.
CRD NO. 119037 ("Laidlaw")
SANDS BROTHERS ASSET MANAGEMENT LLC CRD NO. 110076 ("Sands Brothers")
(Collectively "Respondents")
ORDER TO CEASE AND DESIST
NOTICE OF INTENT TO REVOKE REGISTRATION AS BROKER DEALER
NOTICE OF INTENT TO FINE AND NOTICE OF RIGHT TO HEARING
                      DOCKET NO. RCF-2007-7093-S      
(Click here for document)

Sands Brothers & Co., Ltd. (CRD #26816, New York, New York) submitted a Letter of Acceptance, Waiver, and Consent pursuant to which the firm was censured, fined $18,500, and required to disgorge $27,789 to the NASD.

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