FINRA bars Sparks NV broker Jack Scherbert

In October, 2015, the Financial Industry Regulatory Authority (“FINRA”) announced that Jack Scherbert of Sparks, NV and formerly associated with Wells Fargo Advisors submitted a letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member firm in any capacity.

Without admitting or denying the findings, Scherbert consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony regarding its investigation into whether he had improperly made guarantees regarding return of interest and principal to his member firm’s customers in connection with Uniform Investment Trust investments.

Jack Scherbert has been the subject of two dozen customer complaints.

Jack Scherbert’s registration and disciplinary history

In order to lawfully sell investments to the public, one must either be registered or exempt from registration.

Jack Scherbert was registered with:

06/2011 – 06/2014
WELLS FARGO ADVISORS, LLC (CRD# 19616) – SPARKS, NV
05/2002 – 01/2011
WELLS FARGO INVESTMENTS, LLC (CRD# 10582) – RENO, NV
07/1999 – 10/2001
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691) – NEW YORK, NY
05/1997 – 12/1998
CAL FED INVESTMENTS (CRD# 19631) – SACRAMENTO, CA
12/1988 – 12/1992
FN INVESTMENT CENTER (CRD# 19631) – SACRAMENTO, CA

According to FINRA’s CRD disclosure report, Jack Scherbert has been the subject of two dozen customer complaints and one regulatory investigation.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years. Recoveries for clients top $40 million. The types of claims we have successfully handled include those involving unsuitable investments (suitability claims), excessive trading or “churning”, misrepresentations and omissions, unauthorized trading, over-concentration of illiquid or overly risky investments, pump and dump scams involving “penny stocks”, direct participation programs (private placements) involving real estate investment trusts (REITS), oil and gas exploration programs, leasing equipment deals and receivable financing, promissory notes whether sold through a broker dealer or as part of the outside business activities of a registered representative, ponzi scheme losses, failure on the part of the broker dealer to perform due diligence, state securities law (blue sky) violations and failure to supervise.

Investment losses can be recovered through a process known as FINRA arbitration. FINRA regulates broker dealers that sell investments, and provides an arbitration forum to resolve investor disputes. Investors can pursue claims against their brokerage firms in the FINRA arbitration forum. Common claims in the forum are those for suitability, breach of fiduciary duty, misrepresentations and omissions, negligence, violation of FINRA rules, state and federal securities laws violations, elder abuse, breach of contract and failure to supervise. On average, the recovery process takes approximately a year, from start to finish.

FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).

If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation