In 2014, FINRA started an investigation into Jack Allen Scherbert (CRD# 1882576) , formerly of Wells Fargo Advisors. The FINRA investigation centered around accusations of misrepresenting investments and of making guarantees on investments that were not feasible. Although Scherbert does not admit or deny the accusations, he has accepted to sign a Letter of Acceptance, Waiver and Consent (AWC).
Scherbert started working in the securities and investment business in 1988. He worked for Merrill Lynch, Pierce, Fenner, & Smith Inc. from 1999 to 2001, and joined Wells Fargo in 2002. Wells Fargo terminated their contract with Scherbert on June 3, 2014. According to his FINRA report, he has not associated with another FINRA firm since then.
Scherbert has 24 disclosure events on his FINRA report. There are multiple cases where he is accused by customers of misrepresenting investments or making guarantees on certain unit investment trusts (UIT). His FINRA report reflects that in 2015, a customer submitted a verbal complaint accusing Scherbert of misrepresenting her UIT investments and guaranteeing principal and a 5% return on her income. The matter was settled for $19,403.21. In 2014, another customer alleged that Scherbert guaranteed a full return on his principal in two years’ time. The complaint settled for $35,059.24.
If you or someone you know has invested with Jack Allen Scherbert, contact us at Meyer Wilson today. We can help review your situation to see if you have a case.