Unauthorized Trading Lawyers

Unauthorized Trading Can Lead To Serious Investor Losses 

Ex-DA Davidson Broker Andrew David Schell Has Been Involved in 19 Customer Disputes

If you suffered investment losses while working with former Colorado financial advisor Andrew Schell, please contact Shepherd Smith Edwards and Kantas (investorlawyers.com). The formerly registered broker and investment adviser has 20 disclosures on his CRD. 19 of them are customer disputes that have resulted in settlements.

Schell is accused by multiple customers of engaging in unauthorized trading. This includes purportedly exercising discretion in non-discretionary advisory accounts without getting their written authorization. He was fired by DA Davidson in 2020.

Under FINRA Rule 3260, stockbrokers are required to get an account holder’s written authorization before engaging in discretionary trades. The authorization needs to be specific about the extent to which that discretion was granted. Not only that but also this discretion must be in line with a customer’s risk tolerance level and investing goals. This means that any trades made must be suitable for the client. It is also important to note that the US Securities and Exchange Commission considers unauthorized trading to be a type of broker fraud.

If you suffered serious losses when your financial advisor engaged in unauthorized trading you may be able to hold them and the brokerage firm liable for your losses. Even if the broker-dealer was unaware of the broker misconduct, if they failed in their duty to properly supervise their registered representatives and monitor the activity in your account, you may be able to file a Financial Industry Regulatory Authority (FINRA) lawsuit seeking damages.

How Can Our Savvy Unauthorized Trading Lawyers Help?

For over 30 years, our trusted broker misconduct law firm has been representing investors in recovering their losses that were caused, even if just in part, by financial advisor fraud or negligence. We know how to determine whether your investment losses were a result of unauthorized trading and can apprise you of what steps to take next. Should we decide to work together, we will provide you with seasoned securities law representation. This may include thoroughly investigating your losses, preparing your unauthorized trading lawsuit, filing your claim in Financial Industry Regulatory Authorization (FINRA) arbitration, and arguing your case before the panel of arbitrators.

You will only pay for our legal services if we obtain your financial recovery and that is where the funds will come from rather than directly out of your own pocket. More than 90% of our clients have received complete or partial compensation for their investment losses.

Contact Our Team of Unauthorized Trading Lawyers:

If you suffered investment losses while working with Colorado Springs broker Andrew Schell, call (800) 259-9010 today. You also can speak with one of our Denver investment loss recovery attorneys at (720) 439-2827 or one of our Ridgway, CO investor lawyers at (970) 239-7085.