Allan Anthony Scheer

Index Linked Certificates of Deposit Fraud, Misrepresentation and Mismanagement FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.

March, 2012:

Allan Anthony Scheer (CRD #2775825, Registered Principal, Melbourne, Florida) submitted an Offer of Settlement in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for four months. The fine is to be paid upon reentry to the securities industry. Without admitting or denying the allegations, Scheer consented to the described sanctions and to the entry of findings that he misrepresented material information to potential customers regarding the returns associated with the index-linked certificates of deposit (CDs) that they each purchased from his member firm. The findings stated that the misrepresentations to the customers were material, as a reasonable investor considering whether to purchase the product would consider the rate of return to be considered significant. The findings also stated that Scheer’s member firm terminated his employment for misrepresentation of product returns.

The suspension is in effect from February 6, 2012, through June 5, 2012. (FINRA Case #2009019330601).