The following information is from FINRA’s website under “Disciplinary Actions, March, 2012:”
Allan Anthony Scheer (CRD #2775825, Registered Principal, Melbourne, Florida)
submitted an Offer of Settlement in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for four months. The fine is to be paid upon reentry to the securities industry. Without admitting or denying the allegations, Scheer consented to the described sanctions and to the entry of findings that he misrepresented material information to potential customers regarding the returns associated with the index-linked certificates of deposit (CDs) that they each purchased from his member firm.
The findings stated that the misrepresentations to the customers were material, as a reasonable investor considering whether to purchase the product would consider the rate of return to be considered significant.
The findings also stated that Scheer’s member firm terminated his employment for misrepresentation of product returns. The suspension is in effect from February 6, 2012, through June 5, 2012.
(FINRA Case #2009019330601)
The information from FINRA’s website has ended.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
Allan Anthony Scheer Melbourne Florida · Allan Scheer · broker misleading customers · broker misrepresenting facts · Certificate of Deposit association · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration lawyer · fort lauderdale securities lawyer · Lars K. Soreide · Lars K. Soreide Soreide Law Group · misrepresentation by broker · misrepresentation of product returns by broker · misrepresented riskiness to clients by brokers · rate of return misrepresented by broker · securities lawyer · Soreide Law Group PLLC · Stock fraud lawyer
Comments are closed.
<< Miami Rep Fined and Suspended by FINRA