The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Andrew Scheirer. According to his publicly available FINRA BrokerCheck report, Andrew Scheirer has been the subject of multiple customer disputes over the course of his career.
Andrew Scheirer is a Florida based securities broker. He has worked in the securities industry for eighteen years. During his career, he has been registered with seven different securities firms.
His Registrations
- Chase Investment Services (2000-2001)
- Quick & Reilly (2001-2002)
- Wachovia Securities (2002-2005)
- H&R Block Financial Advisors (2005-2007)
- First Allied Securities (2007-2014)
- Kovack Securities (2014-2020)
- Purshe Kaplan Sterling Investments (2020-Present)
The Allegations
- In January 2014, customers alleged that Andrew Scheirer managed their account negligently, made negligent misrepresentations, made material omissions, engaged in common law fraud, breached his fiduciary duty, and recommended unsuitable investments. This case was settled for $650,000 in damages.
- In March 2016, a customer alleged that Andrew Scheirer recommended various unsuitable private equity bonds. The customer also alleged that Scheirer breached contract, made material omissions, committed fraud, and recommended unsuitable investments. This case was settled for $30,000 in damages.
- In May 2018, a customer alleged that Andrew Scheirer recommended unsuitable investments, made material misrepresentations, breached contract, breached his fiduciary duty, and managed their account negligently. This case was settled for $40,000 in damages.
- In October 2018, a customer alleged that Andrew Scheirer breached contract, committed fraud, managed their account negligently, breached his fiduciary duty, and failed to advise him of the risks associated with an alternative investment. This case was settled for $49,000 in damages.
Alternative Investments
Alternative investments are privately traded investment funds not sold on public securities exchanges. They differ greatly from publicly traded equities in many regards. One large difference between these types of products are their level of risk. Alternative investments, by nature, are inherently much riskier than public securities. This is because these companies often embark on much riskier ventures, and because they are extremely illiquid. Meaning investors can simply exit the investment whenever they want. Brokers are required to make sure investors are well aware of the associated risks when recommending these products. However, many brokers will often forgo this as being honest about alternative investments may deter investors from purchasing them.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Andrew Scheirer, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
