Advisor Andrew Scheirer (Scheirer), currently employed by Kovack Securities, Inc. (Kovack Securities) has been subject to at least four customer complaints. According to a BrokerCheck report many of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.
In December 2014, Scheirer’s former employer First Allied Securities Inc. (First Allied) terminated Scheirer alleging that he did not follow the firm’s procedures concerning an arbitration that had been filed by a customer.
In May 2018 a customer filed a complaint alleging unsuitable investment recommendations, misrepresentation, breach of contract, breach of fiduciary duty, and negligence. The claim alleged $100,001 in damages and settled for $40,000.
In March 2016 a customer filed a complaint alleging that in approximately 2007 the broker recommended various unsuitable private equity products. The claim alleged breach of contract, material omission, fraud, unsuitability, control person liability, and failure to supervise. The claim alleged $200,000 in damages and settled for $30,000.