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Craig Sherrer: $1.5MM Complaint Against Janney Broker

Garden City, New York broker and investment adviser Craig Sherrer (CRD# 5972142) has received a pending investor complaint alleging damages of more than $1 million. According to records provided by the Financial Industry Regulatory Authority (FINRA), Sherrer is currently registered with Janney Montgomery Scott’s Garden City and Riverhead offices.

According to Craig Sherrer’s FINRA-maintained BrokerCheck report, there is one pending complaint against him. Filed in April 2019, it alleges that as a representative of Newbridge Securities Corporation, he breached his fiduciary duty to act in the customer’s best interests, breached contract, and acted negligently in connection to investments in non-traded real estate investment trusts and common and preferred stock. The pending complaint alleges damages of $1.5 million.

According to its BrokerCheck report, Craig Sherrer’s member firm, Janney Montgomery Scott, has itself received 66 investor complaints that evolved into arbitration. A complaint filed in 2019 alleged that the firm breached its fiduciary duty, committed elder abuse, made unsuitable investment recommendations, failed in its supervisory duties, and engaged in negligence. The complaint concluded in an award to the customer of $125,001.01. A complaint filed in 2018 alleged the firm committed fraud, recommended unsuitable products, made unauthorized trades, breached contract, made unsuitable investment recommendations, acted negligently, and failed in its supervisory duties, resulting in an award to the customer of $152,874.01. Another complaint filed in 2018 alleged the firm breached its fiduciary duty, executed unauthorized trades, breached contract, and acted negligently; the complaint concluded with an award to the customer in 2019 of $115,780.01.

According to Financial Industry Regulatory Authority records, Craig Sherrer has been registered with RBC Capital Markets in Garden City and Riverhead, New York as a broker and an investment adviser since 2018. His prior registrations include Newbridge Securities Corporation in New York, New York and Investors Capital Corporation in New York, New York. He has passed four securities industry qualifying examinations: the Uniform Combined State Law Examination, or Series 66; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He currently holds 37 state securities licenses. (Information current as of July 14, 2021.)

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