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Update: New Pending Investor Complaint Against Kovack’s Andrew Scheirer

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Andrew ScheirerPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 30, 2018 indicate that Florida-based Kovack Securities broker/adviser Andrew Scheirer has received a new pending customer dispute. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Scheirer (CRD# 4256666).

Andrew Scheirer has spent sixteen years in the securities industry and has been registered with Kovack Securities in Lake Mary and Sanford, Florida since 2014. Previous registrations include First Allied Securities in Lake Mary, Florida (2007-2014); H&R Block Financial Advisors in Orlando, Florida (2005-2007); Wachovia Securities in Oviedo, Florida (2002-2005); Quick & Reilly in New York, New York (2001-2002); and Chase Investment Services in Chicago, Illinois (2000-2001). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on April 20, 2005; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 20, 2000; Series 31 (Futures Managed Funds Examination), which he obtained on May 3, 2005; and Series 7 (General Securities Representative Examination), which he obtained on October 7, 2007. He is a registered broker and investment adviser with 11 US states: Delaware, Florida, Georgia, Maryland, Michigan, New Jersey, New York, Pennsylvania, South Carolina, Virginia and West Virginia.

According to his BrokerCheck report, he has received two customer complaints and one pending customer complaint and resigned from a former employer in connection to alleged rule violations.

In May 2018 a customer alleged Andrew Scheirer, while employed at First Allied Securities, recommended unsuitable investments, misrepresented material facts, breached his fiduciary duty, and acted negligently. The customer is seeking $100,001 in damages in the pending complaint.

In 2016 a customer alleged Andrew Scheirer, while employed at First Allied Securities, made unsuitable investment recommendations, failed in his supervisory duties, engaged in fraud, made omissions of material facts related to an investment, and breached contract. The complaint settled for $30,000.

In 2014 a customer alleged Andrew Scheirer, while employed at First Allied Securities, failed in his supervisory duties, recommended unsuitable products, made misrepresentations and omissions of material facts, and breached his fiduciary duty. The complaint settled for $650,000.

In 2014 he was “permitted to resign” from First Allied Securities in connection to allegations he failed to abide by firm policies and procedures regarding an arbitration proceeding.”

If you or someone you know has complaints regarding Andrew Scheirer, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: Fitapelli Kurta only receives payment if and when you collect money. Time to file your claim may be limited by law, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.