Cary Edward Scheer of Southlake Texas a stockbroker formerly employed by Securities America Inc. has been discharged by the firm on January 18, 2018 founded on allegations that (1) the firm received no cooperation from Scheer during the time he was probed internally by Securities America Inc. for potential infractions of company policies or industry rules and (2) Scheer neglected to comply with the firm’s compliance rules.
This is not the first time that Scheer has been terminated from a securities broker dealer based upon accusations of misconduct. In particular, Scheer was terminated by former securities broker dealer, Investment Professionals Inc., supported by allegations that Scheer stonewalled the firm’s investigation into allegations of his failure to supervise.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that Scheer is referenced in two customer initiated investment related disputes containing accusations of his violative conduct while employed with Girard Securities Inc. and Securities America Inc. Specifically, a customer initiated investment related arbitration claim concerning Scheer’s activities was settled for $46,500.00 in damages founded on allegations of the negligent handling of the customer’s investment account; violation of Oklahoma Securities Act; false or misleading statements and omissions concerning the terms, conditions or risks of the insurance products selected for the customer’s account; violation of contractual and fiduciary obligations to the customer; and a fraudulent scheme having been executed with the customer’s funds during the time Scheer was employed by Girard Securities Inc. FINRA Arbitration No. 17-00684 (Apr. 16, 2018).
Then, on October 26, 2018, a customer filed an investment related complaint involving Scheer’s activities in which the customer requested $45,000.01 in damages based upon accusations that while Scheer was associated with Securities America Inc., the customer was sold an annuity without being provided adequate information concerning the penalties of withdrawing funds from the product.
