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 firstname.lastname@example.org 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.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct