Elliot Hough Sherer of Melville New York is a stockbroker currently registered with Aegis Capital Corp. who is the subject of a customer initiated investment related written complaint which settled for $8,000.00 in damages founded on allegations that (1) the customer’s margin account was excessively utilized (2) unsuitable investment recommendations were made to the customer (3) excessive commissions had been charged on investment transactions between December 10, 2012 and November 1, 2016.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sherer has been identified in seven additional customer initiated investment related disputes containing accusations of Sherer’s violative conduct during the period that he was registered with Prestige Financial Center, Inc. and S.W. Bach & Company. Specifically, on August 24, 2004, a customer filed an investment related written complaint concerning Sherer’s conduct where the customer requested $15,800.00 in damages supported by allegations that Sherer executed an unauthorized sale of PETM and unauthorized purchase of IOTN in the customer’s investment account.
On May 19, 2005, another customer filed an investment related written complaint involving Sherer’s conduct, in which the customer sought $10,370.02 in damages based upon accusations of poor investment performance and over-the-counter equities transactions having been effected in the customer’s account on an excessive basis. On May 30, 2006, another customer filed an investment related written complaint regarding Sherer’s activities where the customer requested $30,000.00 in damages founded on allegations that the customer’s investment instructions were not followed, and transactions had been executed in the customer’s account without the customer’s consent.
Subsequently, on July 19, 2006, a customer filed an investment related written complaint regarding Sherer’s activities, in which the customer sought $20,936.00 in damages supported by accusations of negligence, breach of fiduciary duty, suitability and excessive equity trading of the customer’s equity portfolio. Thereafter, a customer was awarded $420,000.00 in damages according to an investment related arbitration claim in which Sherer was found liable for having negligently handled the customer’s investment account, breached his contractual duties, violated FINRA rules, committed fraud, breached his fiduciary obligations, and effected over-the-counter equities transactions in the customer’s account which were neither suitable for the customer nor consented to by the customer. FINRA Arbitration No. 08-00533 (July 11, 2009).
Further, a customer initiated investment related arbitration claim regarding Sherer’s activities was resolved for $135,000.00 in damages based upon allegations including failure to supervise, misrepresentation, unsuitable investment recommendations, and unauthorized over-the-counter equities transactions. FINRA Arbitration No. 08-01970 (Sept. 14, 2009). Moreover, a customer initiated investment related arbitration claim concerning Sherer’s conduct was settled for $30,000.00 in damages founded on accusations of breach of contract, breach of fiduciary duty, unauthorized trading and churning of the customer’s account. FINRA Arbitration No. 10-05572 (June 6, 2011).
Since March 11, 1996, Sherer has been associated with eight different broker dealers, seven of which, including Stratton Oakmont, have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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