Eliot Sherer: $500K Complaint Against Aegis Capital Advisor

A recent investor complaint against Melville, New York financial advisor Eliot Sherer (CRD# 2719671) alleges his conduct resulted in damages of half a million dollars. Financial Industry Regulatory Authority records show that he is a broker registered with Aegis Capital Corporation.

Mr. Sherer’s BrokerCheck report discloses three investor complaints. The most recent, filed in May 2022, alleges that as a representative of Aegis Capital Corporation, he engaged in negligence and breached his fiduciary duty. The pending complaint alleges damages of $500,000. 

In a comment on the pending complaint’s disclosure, Mr Sherer defended himself against the allegations. “The client is extremely knowledgeable and experienced in the financial markets and all transactions were suitable for the client based on risk tolerance, objectives and financials among other criteria,” he wrote, continuing: “The allegations made are false. The dollar amount alleged is inaccurate since the client had realized gains in his account.”.

A second investor complaint, filed in August 2022, alleged that he recommended unsuitable investments. The complaint alleged damages of $71,000 and was denied by the firm. 

A third complaint, filed in 2020, alleged he recommended unsuitable investments, breached contract, and breached his fiduciary duty. In February 2020 the complaint reached a settlement of $38,964.08. In a statement on the complaint’s disclosure, Mr. Sherer described the allegations as “simply untrue” and “baseless,” stating further that he was “confident that they will be shown to contain no merit whatsoever.”

According to the Financial Industry Regulatory Authority, Eliot Sherer holds 26 years of securities industry experience. Based in Melville, New York, he has been a broker with Aegis Capital Corporation since 2011. His past registrations include Global Arena Capital Corporation, Prestige Financial Center, SW Bach & Company, Harrison Securities, Ladenburg Capital Management, Stratton Oakmont, and Prudential Securities. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 34 state licenses. (Information current as of October 16, 2022.)

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