Elliot Sherer is the Subject of a Suitability Dispute
Elliot Sherer (CRD #: 2719671), a broker registered with Aegis Capital Corp., has racked up a sixth investor dispute. This is according to his BrokerCheck record, accessed on July 23, 2024. Keep reading if you have questions regarding his alleged conduct.
Investor Disputes
Two disputes from 2022 allege Elliot Sherer breached his fiduciary duty. These disputes settled for $115,000.
On December 15, 2022, an investor alleged that Elliot Sherer recommended unsuitable investments and churned an investor account. The investor further alleged unauthorized trading, negligence, and misrepresentation. The investor sought $203,007.
As of May 2024, Elliot Sherer has settled two disputes alleging he recommended unsuitable investments.
What is an Unsuitable Investment?
FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:
- Age
- Risk tolerance
- Time horizon (i.e., how long the investor plans to hold the investment)
- Investing experience
- Tax status
- Financial goals
Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.
Fiduciary Duties
A fiduciary duty is a duty to work in a client’s best interest. Brokers are not fiduciaries, but they must follow the rules set forth by FINRA Rule 2111 and Regulation Best Interest. Registered Investment Advisers (RIAs) are fiduciaries, and brokers are often dually registered as RIAs. (To learn more about the differences between brokers and Registered Investment Advisers, click here.)
Background Information
Elliot Sherer has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 24 General Securities Representative Examination
He is a registered broker in 34 states and Puerto Rico.
Besides Aegis Capital Corp., Elliot Sherer has registered with the following firms:
- Global Arena Capital Corp (CRD #: 16871)
- Prestige Financial Center (CRD #: 30407)
- S.W. Bach & Company (CRD #: 43522)
- Harrison Securities (CRD #: 14103)
- Ladenburg Capital Management (CRD #: 14623)
- Stratton Oakmont (CRD #: 18692)
- Prudential Securities Incorporated (CRD #: 7471)
Kurta Law Can Help
If you have worked with Elliot Sherer and 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.