Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Andrew Egber (Egber), previously associated with Steward Partners Investment Solutions, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Egber recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $697,328.77 on February 27, 2026.
Customers complained that they made an outside investment through the Financial Advisor and would like to be made whole on funds that were not returned. (5/19/2015-1/11/2018)
FINRA BrokerCheck shows a final customer complaint on November 26, 2024.
Respondent, in connection with the offer, sale or purchase of securities, employed a device, scheme, or artifice to defraud, made untrue statements of material fact or omitted to state material facts, and engaged in a course of business that operated or would operate as a fraud or deceit on a person, in violation of sections 11-301(1), (2) and (3) of the Securities Act by, among other things, recommending that his brokerage and advisory customers invest in a purported California real estate investment that was not approved or authorized by Egber’s affiliated firms; falsely telling the customers that the California investment paid an annual interest or dividend of between 5 and 10%; failing to provide the customers with any other disclosures related to the investment(s), written or otherwise, including the risks associated with the investment(s); failing to tell the customers that the purported California investment opportunity was not registered with the Division or exempted or preempted from the registration requirements; failing to tell the customers that the California investment opportunity was a sham; and misappropriating investor funds and using them for his personal benefit. In connection with acting as an investment adviser or representative and soliciting or dealing with advisory clients, Respondent employed a device, scheme, or artifice to defraud the other person; engaged in an act, practice, or course of business which operated or would operate as a fraud or deceit on the other person; engaged in dishonest and unethical practices; and willfully made untrue statements of a material fact, or omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading, in violation of sections 11-302(a)(1), (a)(2), (a)(3) and (c) of the Securities Act by, among other things, recommending that his customers invest in a purported California real estate investment that was not approved or authorized by Egber’s affiliated firms; falsely telling the customers that the California investment paid an annual interest or dividend of between 5 and 10%; failing to provide the customers with any other disclosures related to the investment(s), written or otherwise, including the risks associated with the investment(s); failing to tell the customers that the purported California investment opportunity was not registered with the Division or exempted or preempted from the registration requirements; failing to tell the customers that the California investment opportunity was a sham; and misappropriating investor funds and using them for his personal benefit. Respondent engaged in dishonest or unethical practices in violation of section 11-306 of the Securities Act by, among other things, recommending that customers invest in a purported California real estate investment that was not approved or authorized by Egber’s affiliated firms; falsely representing that the California investment paid an annual interest or dividend of between 5 and 10%; failing to provide the customers with any other disclosures related to the investment(s), including the risks associated with the investment(s); failing to tell the customers that the California investment opportunity was a sham; and misappropriating investor funds and using them for his personal benefit. Respondent transacted business as an unregistered broker-dealer in this State, in violation of section 11-401(a) of the Securities Act. Respondent acted as an unregistered investment adviser in this State, in violation of section 11-401(b) of the Securities Act. Respondent willfully violated sections 11-301(1), (2) and (3), 11-302(a)(1), (a)(2), (a)(3) and (c), 11-306, and 11-401(a) and (b) of the Securities Act, as detailed in this Final Order, and grounds exist under section 11-412(a)(2) of the Securities Act to revoke Respondent’s registrations as an agent and investment adviser representative in the State of Maryland.
In the financial industry advisors must meet the requirements of the SEC’s Regulation Best Interest (Reg BI) in providing investment advice and services. Reg BI established a ‘best interest’ standard for brokerage firms and registered representatives. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened.
Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. The SEC has stated that Reg BI is drawn from fiduciary principles that are common to both brokers and investment advisors including an obligation to act in the investor’s best interest and prohibiting an advisor from placing their own interests ahead of the investor’s. There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which require brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations include three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions.
Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest. In addition to specific investments being recommended, under Reg BI, a broker must also understand the type of account that their client would need in order to meet their care obligations. The SEC has stated that the type of securities account an investor has can greatly affect a customers’ costs and overall investment returns. Further, different account types can offer and support different features, products, securities, or services, and account type would not be appropriately applied in a one size fits all manner.
Egber has been in the securities industry for more than 35 years. Egber has been registered as a Broker with Steward Partners Investment Solutions, LLC since 2022.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.