Kovack Securities Financial Advisor, Andrew Scheirer, Has Pending Customer Complaint For The Alleged Improper Sale Of Alternative Investments

The Wolper Law Firm is currently investigating claims against Andrew Scheirer, a Financial Advisor at Kovack Securities in Lake Mary, Florida. Andrew Scheirer has been in the securities industry since 2000 and previously worked at First Allied Securities before being terminated.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 2, 2018, a customer filed a complaint against Andrew Scheirer for alleged sales practice misconduct regarding an alternative investment. The complaint specifically alleges:

“Claimant alleges his former financial advisor failed to adequately advise him regarding the risk of an alternative investment. Claimant generally alleges breach of contract, fraud, negligence, and breach of fiduciary duty.” Alleged damages are $94,000 and the matter remains pending.

In addition to this customer complaint, Andrew Scheirer has been the subject of three other customer complaints during his career, including the following:

May 2018—”Claimant alleges unsuitable investment recommendations. Claimant further alleges misrepresentation, breach of contract, breach of fiduciary duty, and negligence.” The matter was settled for $40,000.

March 2016—”Claimant alleges that, in approximately 2007, Claimant’s registered representative recommended various unsuitable private equity products. Claimant alleges breach of contract, material omission, fraud, unsuitability, control person liability and failure to supervise under federal and state and securities laws, and common law and applicable FINRA Rules and Industry Standards.” The matter was settled for $30,000.

January 2014—”CLAIMANTS ALLEGE NEGLIGENCE, NEGLIGENT MISREPRESENTATION, MATERIAL OMISSION, COMMON LAW FRAUD, BREACH OF FIDUCIARY DUTY, UNSUITABILITY, CONTROL PERSON LIABILITY, AND FAILURE TO SUPERVISE ON THE PART OF THE FIRM FROM 2010 THROUGH 2012.” The matter was settled for $650,000.

In 2014, Andrew Scheirer was also discharged from First Allied Securities for allegedly violating the brokerage firm’s text messaging policy with regard to clients.

For a full copy of Andrew Scheirer’s FINRA BrokerCheck, click https://brokercheck.finra.org/individual/summary/4256666#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer Andrew Scheirer and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.