Broker Gary Richard Scheer – Complaints & Compensation

State of New Jersey Penalizes Broker Gary Richard Scheer $750,000 Following Breach of Fiduciary Duty

FINRA issued a regulatory fine for Gary Richard Scheer following allegations of breaching fiduciary duties to clients by recommending and selling unregistered securities tied to Ponzi schemes.

Mr. Scheer is accused of allegedly selling unregistered securities while acting as an agent without registration. According to the regulator, multiple of the investments were ultimately determined to be fraudulent schemes, including Woodbrige and Northridge Holdings. Scheer also sold Future Income Payments (FIP Securities), Pension Income Funding, LLS, Dental Support Plus Franchise, LLC (DSPF LLC), JCS Enterprises, T.B.T.I. Inc., and Gains Equity Management, LLC, among others. Scheer also allegedly omitted to state the risks associated with the investments and failed to conduct a due diligence investigation into the securities he was recommending and selling. Mr. Scheer also allegedly breached his fiduciary duties to clients by failing to disclose conflicts of interest due to the commission he would receive on the investments – he would have made less of a commission on suitable funds.

During a period of approximately eight years from 2010 to 2018, Mr. Scheer recommended and sold unregistered securities in seven different investments to at least 50 clients. Scheer allegedly continued to recommend and sell these securities to clients even after learning that some investments had been tied to a $1.2 billion or $47 million Ponzi scheme. Six of the seven funds were deemed fraudulent.

The New Jersey Bureau of Securities revoked Mr. Scheer’s registration and demanded that he pay a $750,000 penalty following his violation of New Jersey securities laws. Investors who suffered losses due to Scheer’s recommendations may have a right to file a claim to recover their losses.

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