Andrew Raymond Scheirer II, of Lake Mary, Florida, a stockbroker formerly registered with First Allied Securities, has been named in a customer initiated investment related arbitration claim, which settled on July 18, 2016, for $30,000.00 in damages based upon allegations that Scheirer defrauded the customer, breached his contractual duties, and effected private equity transactions in the customer’s account which were not suitable. The customer additionally alleged that First Allied Securities, Inc. failed to supervise Scheirer’s activities concerning the customer’s investments.

Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that on September 4, 2014, a customer initiated investment related arbitration claim involving Scheirer’s conduct was settled for $650,000.00 in damages based upon allegations that Scheirer negligently handled the customer’s investment account, made misrepresentations and omissions regarding private equity products, breached his fiduciary obligations to the customer, effected unsuitable transactions, and committed fraud. First Allied Securities, Inc. was alleged by the customer to be liable for failing to properly supervise Scheirer’s activities regarding the customer’s account.

Scheirer’s registration with First Allied Securities, Inc. was terminated based upon allegations that he failed to abide by the firm’s policies and procedures pertaining to a customer initiated investment related arbitration claim. Since December 15, 2014, Scheirer has been registered with Kovack Securities Inc.

Guiliano Law Group

Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

 

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