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Phil Sherrill: Oil & Gas Complaint Against Cambridge Advisor

Cornelius, North Carolina financial advisor Phil Sherrill (CRD# 1160379) recently received an investor complaint concerning an oil and gas investment. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cambridge Investment Research. having previously been registered with Securities Service Network.

Mr. Sherrill’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2022, alleges that as a representative of Cambridge Investment Research, he recommended an investment “for the purpose of generating high commissions and fees” and deprived the customers “of the ability to generate reasonable returns that would have been received in a diversified portfolio.” The pending complaint, which concerns a direct investment and an oil and gas investment, alleges unspecified damages estimated to exceed $5,000.

An earlier investor complaint, filed in 2011, alleged that as a representative of SagePoint Financial, he recommended unsuitable mutual funds and did not fully disclose the risks of the investment strategies he recommended. In 2013 the complaint reached a settlement of $1.45 million.

A third complaint, also filed in 2011, alleged that he misrepresented variable annuity investments that were unsuitable for the customer. In 2012 the complaint reached a settlement of $10,000.

According to the Financial Industry Regulatory Authority, Phil Sherrill holds 38 years of securities industry experience. Based in Cornelius, North Carolina, he has been a broker and an investment advisor with Cambridge Investment Research since 2011. His past registrations include Securities Service Network, SagePoint Financial, ING Financial Partners, and Pruco Securities. His credentials include the passage of six 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 Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Colorado, North Carolina, South Carolina, and Virginia. (Information current as of December 13, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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