Andrew Scheirer

Previously financial advisor Andrew Scheirer (Scheirer), previously employed by brokerage firm Purshe Kaplan Sterling Investments has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $30,000.00 on October 23, 2020.

Former client stated he was unable to ‘get out’ of two REITs which had decreased in value that were sold to him at Mr. Scheirer’s prior BD-Kovack Securities. He states these were not suitable.

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.

Articles Tagged with Andrew Scheirer

There are Recent Customer Complaints with Broker Andrew Scheirer in Firm Purshe Kaplan Sterling Investments

Advisor Andrew Scheirer Subject to Multiple Complaints Over Alternative Investments