Cliff Shirah: Oil & Gas Complaint Against Appalachian Advisor

A recent investor complaint against Blue Ridge, Georgia financial advisor Cliff Shirah (CRD# 2767896) alleges that he made an unsuitable investment recommendation. Records maintained by the Financial Industry Regulatory Authority indicate that he is a broker with Cabot Lodge Securities and an investment advisor with CL Wealth Management, doing business as Appalachian Asset Management.

Mr. Shirah’s BrokerCheck report discloses one investor complaint. Filed in May 2023, it alleges that as a representative of Concourse Financial Group Securities, he recommended an unsuitable oil and gas investment. The pending complaint alleges damages of $49,000.

A second disclosure on Mr. Shirah’s BrokerCheck report describes a regulatory enforcement action against him. Filed in April 2018 by the State of Michigan, the order denied his securities agent registration in the state in connection with allegations that he “engaged in dishonest or unethical behavior in the securities industry within the previous ten years.” The disclosure specifies that the alleged underlying conduct was connected to his resignation from ProEquities earlier that year over alleged “signature irregularities on firm documents.” As a third disclosure states, he was “permitted to resign” from the firm in connection with allegations that he admitted to “signing client initials with customer permission” and “signing client names.”

According to the the Financial Industry Regulatory Authority, Cliff Shirah holds 22 years of securities industry experience. Based in Blue Ridge, Georgia, he has been a broker with Cabot Lodge Securities since 2019 and an investment advisor with CL Wealth Management since 2023, doing business as Appalachian Asset Management. His past registrations include SB Advisory (Blue Ridge, Georgia; 2018-2020, 2021-2023), IFS Securities (Blue Ridge, Georgia; 2018-2019), ProEquities (Blue Ridge, Georgia; 2007-2018), FSC Securities Corporation (2004-2007), and ProEquities (Birmingham, Alabama, 1996-1998, 2003). His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Georgia, Ohio, Tennessee, and Virginia. (Information current as of June 3, 2023.)

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