Investors Sue First Allied Securities For Negligence

Andrew Raymond Scheirer II (also known as Andy Haas) of Lake Mary Florida a stockbroker formerly registered with First Allied Securities Inc. and Kovack Securities Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $49,000.00 in damages based upon allegations that a fiduciary duty that was owed to the customer had been breached and that Scheirer’s negligence caused the First Allied Securities customer to incur losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03428 (Jan. 7, 2019). According to the claim, the customer was not told about the risks pertaining to alternative investments. The claim also alleges that the customer had been defrauded.

FINRA Public Disclosure confirms that Scheirer has been identified in three additional customer initiated investment related disputes concerning accusations of his misconduct while employed with First Allied Securities Inc. On August 16, 2018, a customer initiated investment related arbitration claim concerning Scheirer’s activities was resolved for $40,000.00 in damages founded on accusations of a breach of contract and a breach of fiduciary duty relating to the customer’s direct participation program interests or limited partnership interests. FINRA Arbitration No. 18-00694. The claim alleges that Scheirer’s investment recommendations failed to be suitable and that misrepresentations were made concerning investments.

Since March 13, 2020, Scheirer has been associated with Purshe Kaplan Sterling Investments.