Andrew David Schell (CRD#:6536347) is a previously registered broker and investment advisor who worked most recently at DA Davidson & Co. He was fired from the firm in 2022 for not disclosing to his firm customer complaints and unauthorized trading.
Current and Past Allegations of Conduct Leading to Investment Loss
In July 2023, Schell faced allegations that his trading strategy in non-discretionary advisory accounts was unsuitable. It was also claimed that he exercised discretion without proper authorization and violated the Care Obligation between February 2020 and February 2023. The claim ultimately settled for $129,750.
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This incident is not isolated. Schell has been the subject of 19 other disclosures, all involving similar allegations of unauthorized discretionary trading and suitability issues within various time frames, resulting in substantial settlements paid to the affected clients.
Instances of such unauthorized discretionary trading and unsuitability claims have resulted in significant losses for investors, highlighting the importance of vigilant oversight by brokerage firms over their representatives’ activities.
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At Meyer Wilson, we understand the gravity of these situations. FINRA regulations stipulate that explicit written consent from customers is necessary before executing transactions in their accounts without first obtaining prior approval. This protocol, along with the mandatory approval from the broker-dealer’s member firm, is designed to safeguard clients’ interests.
Discretion without authorization represents a serious breach of trust and can lead to devastating financial consequences for investors. Furthermore, should a Financial Advisor misappropriate client assets, the affiliated brokerage firm may be held accountable for the resultant losses.
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At Meyer Wilson, we represent investors nationwide in securities litigation and arbitration on a contingency fee basis. Our commitment to our clients is unwavering, and our track record speaks for itself. We have a history of handling complex securities cases involving a myriad of investment products and strategies.
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If you have suffered investment losses due to unauthorized trading or other misconduct by your broker or investment advisor, please know that you do not have to navigate this challenge alone. You can reach Meyer Wilson at 866-938-2021 or visit investorclaims.com for our dedicated support.
Written by: Courtney Werning, Esq.
Recovering Losses Caused by Investment Misconduct.