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Andrew Scheirer-Kovack Securities Broker-Discloses Customer Disputes-Sanford, FL

Andrew Scheirer-Kovack Securities Broker-Discloses Customer Disputes-Sanford, FL

Andrew Scheirer-Kovack Securities Broker-Discloses Customer Disputes-Sanford, FL 150 150 Rex Securities Law

January 2017-Sanford, FL

According to publicly available records Andrew R. Scheirer, II (CRD# 4256666) ,  a  stockbroker currently employed by Kovack Securities  discloses two  prior finalized customer disputes and a separation from employment after allegations.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

A customer of Scheirer’s prior employer, First Allied Securities, filed FINRA Case 16-0772, alleging damages of $200,000 for recommending various unsuitable private equity products which the customer alleged were unsuitable investments. That case was settled for $30,000.

IN FINRA Case 14-0006 a customer of First Allied Securities alleged damages of $2,700,000 for common law fraud, negligent misrepresentation and other claims related to the investment in private equities. That case was settled for $650,000.

In 12/2014, Scheirer was ‘permitted to resign’ from First Allied Securities who made the following allegations in connection with the termination:“Investment adviser representative did not follow firm procedures in connection with a customer initiated arbitration proceeding.”

Scheirer has been registered with Kovack Securities since December 2014.  He was previously registered with First Allied Securities from 10/2007-12/2014. 

If you have questions about an account in an account handled by Andrew R. Scheirer, II, contact us to discuss your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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Rex Securities Law

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