FINRA Suspends Andrew Elsoffer Alleging Unauthorized Transactions, & other Rules Violations
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly suspended broker Andrew Elsoffer (CRD #2580009) from the securities industry for 2 years following an investigation. FINRA reportedly found that between February 14, 2012 and October 15, 2018, Elsoffer allegedly exercised discretion without written authorization for five customers.
FINRA further found that between May 15, 2018 and July 30, 2018, he purportedly loaned a total of $13,703 to one customer and allegedly made false statements to FINRA. Elsoffer’s alleged actions are in violation of NASD Rule 2510(b) and FINRA Rules 3240, 8210 and 2010, according to the Letter of Acceptance Waiver and Consent.
In addition to the suspension, Elsoffer was reportedly required to pay a fine of $15,000, according to the regulator. His broker report indicates numerous customer complaints with allegations including negligence, failure to supervise, suitability, unauthorized trading, breach of contract, breach of fiduciary duty, among others.
According to his broker report, Elsoffer, was reportedly affiliated with the following firms during his career in the securities industry:
11/21/2011 – 11/01/2018, STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD#:793), PEPPER PIKE, OH,
03/16/1995 – 11/15/2011, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691), PEPPER PIKE, OH
Both registrations reportedly ended with termination after allegations, according to FINRA.
How to Recover Investment Losses
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you have suffered losses investing with Andrew Elsoffer, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.