Broker Andy Scheirer Focus Of Disputes About Alternative Investments
The investment loss recovery team at Soreide Law Group provides you with this Investor Alert update regarding securities broker Andrew Raymond Scheirer II who also goes by the name Andy Haas (CRD#: 4256666, Lake Mary, Florida). Evidently, five investors filed disputes to challenge the sales practices of Scheirer, who worked for a number of financial institutions including First Allied Securities, Kovack Securities (2014 to 2020) and Purshe Kaplan Sterling Investments (2020). Critically, investors allegedly sustained damages over Scheirer’s alternative investment sales. Here’s what we know so far.
Client Indicates That Andy Scheirer Sold Illiquid, Unprofitable REITs
Apparently, a client of Kovack Securities came forward to contest Andy Scheirer’s sales practices in October 2020. Notably, Scheirer purportedly caused the client to invest in two REITs which were illiquid. Specifically, the client claimed that they could not get out of the investments and that those investments decreased in value. For this reason, the client demanded $30,000 in this ongoing matter.
Scheirer Supposedly Negligent, Breached Fiduciary Duty With Alternative Investments
Evidently, a First Allied Securities client contested Andy Scheirer’s sales in an October 2018 lawsuit. First of all, the client claimed that the broker did not disclose risks of alternative investments before selling those investments to the client. Secondly, Scheirer allegedly committed a breach of fiduciary duty and breach of contract in connection with these sales. Thirdly, the client claimed to have been deceived by investing in the DPP or LP products. Because of this, First Allied Securities paid the client $49,000 to settle the matter in January 2019.
Bad Advice, Misrepresentation Alleged In Claim About Andy Scheirer
Apparently, a second First Allied Securities client took aim at Andy Scheirer through a May 2018 FINRA Arbitration Claim. It appears that the broker may have made unsuitable investment recommendations to this client. Not only that, but the client suggested that Scheirer misrepresented facts in connection with the alternative investment purchases. Other causes of action include breach of fiduciary duty, breach of contract and negligence. Consequently, First Allied compensated this client to the tune of $40,000 to put this matter to rest in August 2018.
Client Brings Lawsuit Alleging Unsuitability, Breach Of Contract
In addition, a client of First Allied Securities in March 2016 disputed Andy Scheirer’s sales practices with respect to private equity sales. It seems that Scheirer possibly failed to comply with the terms of an agreement. The broker supposedly also omitted facts about investments. Moreover, the client alleged the failure to supervise on First Allied’s part and the violation of securities laws and industry rules. Evidently, this matter settled for $30,000.
Losses Because Of Investing Through Scheirer?
Apparently, Scheirer denies allegations of sales practice violations made by those clients. Have you experienced losses by investing with him? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and financial advisors.