Elliot Sherer Allegedly Engaged in Churning, Suitability Violations
Elliot Sherer (CRD# 2719671), a broker registered with Aegis Capital Corporation, recommended unsuitable investments, according to a recent investor dispute. MDF Law is investigating the Melville, New York financial professional for similar conduct. If you have concerns about your portfolio, call us for a free consultation.
To learn more about Mr. Sherer’s professional history, continue reading this post. The information below is based on a September 9, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Past Disputes Alleged Churning, Misrepresentations, Unsuitability
Five parties of investors filed disputes involving Mr. Sherer that resolved with settlements, as his BrokerCheck profile discloses. These claims detailed allegations of unsuitable investment recommendations, churning, breach of contract, negligent misrepresentation, and breach of contract. His member firm settled the disputes for a total of more than $183,000.
Eliot Sherer Defended Against Allegations
Mr. Sherer issued statements responding to the allegations in several of the above-described disputes. These statements can be found in his BrokerCheck profile.
With regard to a May 2024 dispute alleging unsuitable recommendations, for instance, he wrote that the customer had “extensive experience in managing his financial portfolios.” He stated further that the investor “was extremely selective with what positions he purchased,” asserting that the investments were suitable.
With regard to a September 2022 dispute alleging breach of fiduciary duty and negligent misrepresentation, meanwhile, he asserted that the allegations were baseless. “The clients are extremely successful CPAs that have extensive knowledge and experience with the financial markets,” he added, writing that the transactions were in the customers’ best interests. He made a similar statement with respect to May 2022 allegations of negligence, describing them as “false.” As for a March 2020 dispute alleging suitability violations and breach of fiduciary duty, he responded that the claim was “simply untrue.”
FINRA: Aegis Broker Based in Melville, New York
Elliot Sherer launched his career as a broker in 1996, when he registered with Prudential Securities in New York City. Over the subsequent years, he went onto work with firms including Stratton Oakmont, Harrison Securities, Prestige Financial, and Global Arena Capital Corporation. He joined Aegis Capital in 2011, where he’s remained since, based at the firm’s office in Melville, New York. With 28 years of securities industry experience, he has completed four industry exams, including the Series 63 and the Series 7.
Sherer Clients May Have Recovery Options
If you are a current or former client of Elliot Sherer with concerns about your investments, you may have options. Call MDF Law if your advisor inadequately disclosed the risks associated with your investments, excessively traded your account, or recommended unsuitable products. Our clients only pay a fee if they collect a recovery, and our attorneys provide free consultations nationwide. Call 800-767-8040 to discuss your case today.