February 4, 2024

Investigating Investor Disputes Concerning Phillip Sherrill

FINRA BrokerCheck shows that investors disputed the actions of Phillip Oxford Sherrill, also known as Phil Oxford Sherrill [CRD: 1160379, Cornelius, North Carolina]. Sherrill joined Cambridge Investment Research Inc. and Cambridge Investment Research Advisors Inc. in 2011. Below, investors can find more information on the disclosures related to Sherrill's activities in the securities industry.

Allegations Of Misconduct And High-Commission Investments

Evidently, a Cambridge Investment Research Inc. client filed FINRA Arbitration: 22-00954 about Phillip Sherrill. Evidently, the customer alleged that Sherrill recommended investments for generating high commissions and fees. Supposedly, this deprived the client of reasonable returns from a diversified portfolio. Consequently, the client purportedly experienced losses on oil and gas products and other direct investments. Therefore, on May 18, 2023, Cambridge Investment Research Inc. settled the matter by paying the customer $595,000.00 in damages.

SagePoint Financial Customer Contested Phillip Sherrill’s Investment Recommendations

Also, a SagePoint Financial customer contested Phillip Oxford Sherrill’s sales practices by filing FINRA Arbitration No. 11-01115. Allegedly, Sherrill recommended mutual funds that were unsuitable, and the risks were not fully disclosed. Moreover, SagePoint supposedly approved these sales without sufficient due diligence. It appears that Sherrill caused the client to sustain $500,000.00 in damages. Consequently, SagePoint Financial opted to settle the matter on February 20, 2013, by compensating the client in the amount of $407,000.00.

Misrepresentation Accusation At ING Financial Partners, Inc.

An ING Financial Partners, Inc. client accused Phillip Sherrill of misrepresenting a variable annuity and an equity index annuity. Supposedly, the annuities were unsuitable given the client's financial needs. As a result, the customer allegedly sustained $29,156.00 in damages. Consequently, on February 8, 2012, ING Financial Partners, Inc. settled the matter by paying the customer $10,000.00 in damages.

Seeking Justice For Losses

Investors who have incurred losses due to Phillip Sherrill's actions are encouraged to contact Soreide Law Group or call (888) 760-6552. The law group is committed to recovering losses for investors nationwide and operates on a contingency fee basis, advancing all costs. Sherrill and his affiliated firms, including Cambridge Investment Research Inc. and Cambridge Investment Research Advisors Inc., deny the allegations of sales practice violations.

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