Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into former financial advisor Andrew David Schell (CRD# 6536347) regarding potential investor claims. If you invested with Mr. Schell during his time at D.A. Davidson & Co. or Merrill Lynch, Pierce, Fenner & Smith Inc., this report contains important information about his regulatory history and customer complaints.
Understanding Andrew Schell’s Professional Background
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Andrew David Schell worked in the securities industry for several years before his registration terminated in March 2022. His career included positions at two major financial institutions:
- D.A. Davidson & Co. (January 2020 – March 2022)
- Merrill Lynch, Pierce, Fenner & Smith Inc. (September 2015 – January 2020)
Currently, Mr. Schell is not registered with FINRA and is no longer authorized to conduct securities business. This change in registration status often prompts investors to review their accounts and investment strategies, particularly if they experienced losses or have concerns about their portfolios.
Customer Complaints: A Detailed Analysis
According to FINRA BrokerCheck records, Andrew Schell has three customer disputes on his record. These complaints raise important questions about investment practices and client account management:
| Complaint Date | Alleged Damages | Status | Key Allegations |
|---|---|---|---|
| November 2023 | $192,750 | Pending | Unsuitable investments, unauthorized trading, failure to follow instructions |
| May 2023 | $750,000 | Settled: $125,000 | Unsuitable investments, misrepresentation, failure to supervise |
| April 2023 | $500,000 | Settled: $325,000 | Breach of fiduciary duty, negligence, unsuitable investments |
Red Flags Investors Should Consider
Several concerning patterns emerge when reviewing Mr. Schell’s regulatory record:
1. Multiple Complaints in a Short Timeframe
Three customer disputes filed within seven months (April 2023 – November 2023) suggests a pattern of client dissatisfaction. When multiple investors independently raise similar concerns, it often indicates systematic issues rather than isolated incidents.
2. Significant Alleged Damages
The combined alleged damages exceed $1.4 million, with individual claims ranging from $192,750 to $750,000. These substantial amounts suggest that affected investors may have entrusted significant portions of their wealth to Mr. Schell’s management.
3. Consistent Allegation Themes
All three complaints share common allegations:
- Unsuitable investment recommendations – suggesting investments that didn’t match client risk tolerance or objectives
- Unauthorized trading – executing trades without proper client consent
- Misrepresentation – potentially providing inaccurate information about investments
- Breach of fiduciary duty – failing to act in clients’ best interests
4. Settlement History
Two complaints resulted in settlements totaling $450,000, though firms often settle without admitting wrongdoing. The settlement amounts represent significant recoveries for the affected investors.
Why These Issues Matter to Investors
Unsuitable investment recommendations can devastate retirement plans and financial goals. When advisors recommend investments that don’t align with your risk tolerance, age, or financial objectives, you may face unexpected losses that could have been avoided with proper guidance.
Unauthorized trading violates the fundamental trust between advisor and client. Every investment decision should be made with your knowledge and consent. If trades occurred in your account without proper authorization, you may have grounds for recovery.
Misrepresentation prevents investors from making informed decisions. Whether it involves overstating potential returns, understating risks, or providing false information about investment products, misrepresentation can lead to significant financial harm.
What Should Affected Investors Do?
If you invested with Andrew Schell at D.A. Davidson & Co. or Merrill Lynch, consider taking these steps:
- Review your account statements for unusual activity or investments you don’t recognize
- Document all communications with Mr. Schell, including emails, notes from phone calls, and written correspondence
- Calculate your losses by comparing your account values to your initial investments
- Gather relevant documents including account applications, investment recommendations, and trade confirmations
- Act promptly as FINRA arbitration claims have strict time limitations
How Haselkorn & Thibaut Can Help
With over 50 years of experience representing investors nationwide, Haselkorn & Thibaut has achieved a 98% success rate and recovered millions of dollars for clients who suffered investment losses. The firm operates on a “No Recovery, No Fee” basis, meaning you pay nothing unless they successfully recover compensation for your losses.
The experienced attorneys at Haselkorn & Thibaut understand the complexities of securities law and FINRA arbitration procedures. They can evaluate your case, determine if you have valid claims, and guide you through the recovery process.
Time Is Critical – Get Your Free Consultation Today
FINRA arbitration claims must typically be filed within six years of the investment purchase or three years of when you discovered (or should have discovered) the wrongdoing. Don’t let these deadlines pass without exploring your options.
If you invested with Andrew Schell and experienced losses, or if you have concerns about how your account was managed, call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Their team of experienced securities attorneys can review your situation and explain your legal options.
Remember, you worked hard for your money and deserve honest, suitable investment advice. If you believe you received anything less, you may have options for recovery. Don’t wait – call 1-888-885-7162 now to speak with an attorney who can help protect your financial future.
