Andrew Raymond Scheirer (also known as Andy Haas) of Lake Mary, Florida, a stockbroker formerly registered with Kovack Securities and Purshe Kaplan Sterling Investments, was referenced in a customer initiated FINRA securities arbitration claim which was settled for $17,500.00 in damages based upon on the allegations that Kovack failed to supervise and that Scheirer made the unsuitable recommendation of real estate investment trusts to his customers. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-04114 (March 15, 2021).
FINRA Public Disclosure shows that Scheirer has been identified in four additional customer initiated investment related disputes concerning accusations of his wrongdoing while employed by securities broker-dealers, including First Allied Securities. Scheirer is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $650,000.00 in damages based upon allegations of misrepresentation, fraud, unsuitable trading, breach of fiduciary duty, and failure to supervise relating to private equity transactions while Scheirer was registered with First Allied Securities.
On July 18, 2016, another customer initiated FINRA securities arbitration claim concerning Scheirer’s conduct was settled for $30,000.00 and which contained allegations that Schreirer made unsuitable investment recommendatoins, and violated state and federal securities laws, as well as FINRA rules in connection with the sale of certain direct investments, including direct participation program interests and limited partnership interests. FINRA Arbitration No. 16-00772. The claim alleges that the customer had been defrauded on private equity products.
Scheirer is also referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $40,000.00 in damages for breach of contract, misrepresentation, negligence, and unsuitable investment by the Schrierer concerning alternative investments. FINRA Arbitration No. 18-00694 (August 16, 2018).
On January 7, 2019, another customer initiated FINRA securities arbitration claim concerning Scheirer’s activities was settled for $49,000.00 in damages again involving unsuitable investment advice in connection with the sale alternative investment. FINRA Arbitration No. 18-03428 (January 7, 2019). The claim also alleges breach of both a contract and fiduciary duty.
Scheirer’s registrations with Kovack Securities were terminated on March 9, 2020. Scheirer has been employed by both Purshe Kaplan Sterling Investments since March 13, 2020, and API Financial Advisors LLC since April 14, 2020.
