Andrew Raymond Scheirer II (also known as Andy Haas) of Lake Mary Florida a stockbroker formerly registered with Kovack Securities is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $75,000.00 in damages supported by allegations that the customer was placed into unsuitable real estate investment trusts by Scheirer at Kovack Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-04114. The claim alleges that the customer was not able to liquidate the REITs after purchasing them which resulted in a decrease in the value of those products.
Scheirer has been referenced in four more customer initiated investment related disputes containing accusations of his misconduct during the time that he was employed by First Allied Securities (FASI). FINRA Public Disclosure confirms that a customer initiated investment related FINRA securities arbitration claim involving Scheirer’s conduct was resolved for $650,000.00 in damages founded on allegations that First Allied Securities failed to supervise Scheirer’s private equity transactions which were unsuitable for the customer. According to the claim, the customer was not provided with important information regarding the annuity. The stockbroker allegedly breached his fiduciary duties to the customer. The claim also alleges that the customer was defrauded.
Scheirer is the subject of another customer initiated investment related FINRA securities arbitration claim which was settled for $30,000.00 in damages based upon accusations of the violation of FINRA rules as well as state and federal securities laws. FINRA Arbitration No. 16-00772 (July 18, 2016). According to the claim, First Allied Securities failed to supervise Scheirer’s recommendations of private equity products. This allegedly resulted in a breach of contract and the sale of unsuitable investments. The claim also alleges fraud.
On August 16, 2018, an additional customer initiated investment related FINRA securities arbitration claim regarding Scheirer’s conduct was settled for $40,000.00 in damages supported by allegations of a breach of fiduciary duty and a breach of contract in regard to direct investments including direct participation programs and limited partnership interests. FINRA Arbitration No. 18-00694. The claim alleges negligence and bad investment advice by the stockbroker. According to the claim, the stockbroker misrepresented information relating to the alternative investments.
On January 7, 2019, another customer initiated investment related FINRA securities arbitration claim concerning Scheirer’s conduct was resolved for $49,000.00 in damages founded on accusations of unreasonable advice being provided by the stockbroker as it pertained to the risks of alternative investments. FINRA Arbitration No. 18-03428. The claim alleges negligence and the breach of both a contract and fiduciary duty by the stockbroker. According to the claim, the customer had been defrauded.
Scheirer’s registrations with Kovack Securities and Kovack Advisors have been terminated as of March 9, 2020. Since March 13, 2020, he has been a stockbroker of Purshe Kaplan Sterling Investments, and as of April 14, 2020, he has been an investment adviser representative of API Financial Advisors LLC.