Andrew Shaw Allegedly Engaged in Unauthorized and Excessive Trading

Andrew Shaw (CRD #: 6010358), a broker registered with Edward Jones, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on September 20, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations

On July 30, 2024, an investor alleged that Andrew Shaw executed unauthorized and excessive trades. They further alleged that he failed to liquidate stocks upon request. The investor is seeking $100,000. 

Unauthorized Trading

FINRA Rule 3260 limits discretionary trading by brokers to pre-approved discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm. Discretionary trading that takes place in an account that has not been approved is unauthorized.

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Background Information 

Andrew Shaw has passed the following exams: 

• Series 66 – Uniform Combined State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in 13 states and is a registered investment adviser in California and Texas. 

Andrew Shaw has registered with three firms: 

• Edward Jones (CRD #: 250) 
• JP Morgan Securities (CRD #: 79) 
• CUNA Brokerage Services (CRD #: 13941) 

Kurta Law Can Help 

If you worked with Andrew Shaw and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.