D.A. Davidson & Co. Fires Andrew Schell Following Multiple Allegations
Andrew Schell (CRD #:6536347), a formerly registered broker, was recently fired by D.A. Davidson & Co. according to his BrokerCheck record, accessed on April 5, 2022
On February 28, 2022, D.A. Davidson & Co. fired Andrew Schell after allegedly:
- Failing to timely report customer complaints
- Communicating with customers through prohibited methods
- Exercising discretion in some non-discretionary advisory accounts without customers' written authorization.
FINRA Rules 4530, 3110 and 3260
- FINRA Rule 4530 requires associated persons to promptly report to firms specified events, including, for example, violations of securities laws and FINRA rules, certain written customer complaints and certain disciplinary actions taken by the firm.
- FINRA Rule 3110 requires that stockbrokers only communicate with investors using approved messaging applications so that the firm can access those communications for review. Brokerage firms must review communications to ensure that stockbrokers comply with applicable securities rules and regulations
- FINRA Rule 3260 states that no broker shall exercise trading discretion in a customer account unless that account has been approved for discretionary trading, both by the customer and the firm.
In 2022, Andrew Schell was named in five settled disputes. These cases were collectively settled for approximately $118,220.56.
Andrew Schell has passed the following exams:
- Series 66 - Uniform Combined State Law Examination
- SIE - Securities Industry Essentials Examination
- Series 7 - General Securities Representative Examination
Besides D.A. Davidson & Co., Andrew Schell has also worked with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691).
Kurta Law Can Help
If you lost money while working with Andrew Schell, don't hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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