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Andrew Elsoffer claims to be a Cleveland, Ohio-based community leader, investment advisor, and soccer coach. Andrew Elsoffer claims that he has worked in a variety of locations and industries throughout his career, with each experience expanding his business knowledge and passion for putting people first.
Andrew Elsoffer as a financial advisor claims that he has established a prosperous career and a thriving community in Cleveland, Ohio. His professional background includes starting and growing his own event management firm right out of college, which led to a career in corporate finance and investments. Outside of work, he is a slight show-off person who describes himself to be a very active community person who enjoys coaching soccer and investing in local youngsters.
Andrew Elsoffer studied at the University of Michigan in Ann Arbor before moving to Cleveland. He studied Political Science and Business Administration at college, which he claims to have helped him prepare for his future work. Being showcasing his sports skills he claims that he started playing soccer in high school and planned to play for the entire four years of his collegiate career. Andrew Elsoffer claims that after college, he continued to prioritize soccer, playing for four years for a local semi-professional team.
Now as claimed by Andrew Elsoffer regarding his professional experience claims that he has over 25 years of professional expertise in the finance industry, providing advisory services to a wide range of clients. His expertise is in investments, and he has managed big client portfolios containing millions of dollars in assets. Andrew being a self-absorbed person by nature he claims that his extensive experience has taught him the value of effective communication, professionalism, and strategic business partnerships. He cherishes his clients and professional network and seeks to produce high-quality results in whatever he does while embracing possibilities for personal and professional development.
Further, Andrew Elsoffer claims that he also volunteered with the Ronald McDonald House, which provides housing and support to families of hospitalized children, for over five years. He also worked with The Cleveland Swim for Diabetes Association for eight years, including two years as co-chair.
Culinary Marketing
As claimed by Andrew Elsoffer- Culinary Marketing Incorporated’s establishment proved to be a watershed moment in Andrew Elsoffer’s career trajectory, igniting his entrepreneurial ambition. Notably, this venture laid the groundwork for his ongoing dedication to addressing clients’ needs and cultivating a client-centric culture in all of his commercial endeavors. Andrew gained significant insights into the complexities of business management, client relationship nurturing, and efficient marketing methods as a result of this formative experience.
We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.
All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.
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Andrew Elsoffer- But what actually the reality is?
Andrew Elsoffer allegedly performs unauthorized transactions
Oakes & Fosher is now examining securities broker Andrew Elsoffer’s alleged misbehavior. Andrew Elsoffer had been the target of many customer disputes throughout the course of his career, according to his publicly available FINRA BrokerCheck report. He is no longer employed as a securities broker in any capacity.
Andrew Elsoffer was a securities broker from Ohio with 23 years of experience in the sector. He had been registered with two distinct securities firms during his career.
His Registrations
- Merrill Lynch, Pierce, Fenner & Smith (1995-2011)
- Stifel, Nicolaus & Company (2011-2018)
The Allegations
- In February 2016, a customer claimed that Andrew Elsoffer recommended unsuitable investments, resulting in account losses. The settlement in this case was $60,000 in damages.
- A consumer filed a complaint in March 2016 alleging that Elsoffer committed securities and common law fraud, breached his fiduciary duties, and misrepresented critical data concerning allegedly unsuitable investments. The settlement in this case was $165,000 in damages.
- Customers accused Elsoffer of breaching his fiduciary duties in July 2019 by poorly maintaining their accounts and making unlawful trades. The damages in this lawsuit were resolved for $14,999.
- Customers filed claims for common law fraud, carelessness, and breach of fiduciary duty in February 2020. The consumers are seeking $250,000 in damages in this action, which is now pending.
- Elsoffer was officially sanctioned by FINRA in February 2022, following their conclusions that he had exercised discretion in customer accounts without written authority. Elsoffer was barred from functioning as a securities broker in any capacity for two years and forced to pay a $15,000 fine as a result of these findings.
What Does This Really Mean?
Securities brokers are not permitted to execute trades on behalf of investors unless they first get the investor’s authorization. However, discretionary trading permits a securities broker to execute trades in a client’s account without receiving authorization for each one, but the broker must first seek written authorization from the investor. This formal consent is required because it keeps the investor involved in the process and protects them from potentially risky investments made without their awareness.
Andrew Elsoffer- Stifel Nicolaus Stockbroker Sanctioned For Falsifying Information
Andrew Elsoffer of Pepper Pike, Ohio, a stockbroker formerly registered with Stifel Nicolaus Company Incorporated, was fined $15,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for two years after it was discovered that he engaged in unauthorized trading, loaned funds to a Stifel Nicolaus customer, and falsified information to FINRA while under investigation. Acceptance, Waiver, and Consent Letter No. 2018060469601 (February 25, 2022).
According to the AWC, Andrew Elsoffer conducted at least 2,800 transactions in five customers’ accounts between February 14, 2012, and October 15, 2018. The consumers were aware of the trades, but they did not provide Elsoffer written permission to make discretionary deals. According to the AWC, Stifel Nicolaus did not permit Andrew Elsoffer to execute discretionary trades in those accounts. Elsoffer’s actions were in violation of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
According to the AWC, Andrew Elsoffer loaned money to a Stifel Nicolaus customer despite the fact that Elsoffer was barred from lending money. Elsoffer was barred from lending or borrowing money from customers unless the firm authorized it. According to the AWC, Andrew Elsoffer borrowed money from someone unrelated to him between May 15, 2018, and June 30, 2018. Elsoffer failed to notify Stifel Nicolaus, in violation of FINRA Rules 2010 and 3240.
On December 7, 2018, Andrew Elsoffer was asked to make a statement regarding the reasons for his dismissal from Stifel Nicolaus. FINRA investigated whether Andrew Elsoffer violated the firm’s policy. Andrew Elsoffer originally lied about the checks, in violation of FINRA Rules 2010 and 8210.
Andrew Elsoffer has been named in eight customer-initiated investment disputes involving allegations of fraud while working for securities brokerage firms such as Stifel Nicolaus and Merrill Lynch Pierce Fenner Smith Inc. According to FINRA Public Disclosure, a customer-initiated investment-related complaint against Elsoffer’s activity was settled for $6,000.00 in damages at Merrill Lynch based on charges of improper trading.
Andrew Elsoffer is mentioned in a client-initiated investment-related written complaint in which the customer claimed $42,000.00 in damages based on allegations that Elsoffer completed improper transactions in the customer’s account while he was registered with Merrill Lynch. Another customer-initiated investment-related complaint against Elsoffer’s behavior was resolved to resolve charges of excessive mutual fund trading in the customer’s Merrill Lynch account.
Andrew Elsoffer is also named in a customer-initiated investment-related arbitration claim that was settled for $75,000.00 in damages based on allegations that Elsoffer gave the customer unsuitable advice about trading common and preferred stock while he was employed by Merrill Lynch.
Andrew Elsoffer was the subject of a separate customer-initiated investment-related FINRA arbitration claim that was settled for $165,000.00 in damages based on allegations of carelessness, fraud, and breach of contract relating to Andrew Elsoffer’s stock trades in the customer’s Stifel Nicolaus account. Arbitration No. 16-00622, FINRA (October 27, 2016). The customer suffered losses as a result of elder abuse and breach of fiduciary duty, according to the claim. Misrepresentations and improper transactions involving over-the-counter equities, common, and preferred stock are also alleged in the claim.
An additional customer-initiated investment-related arbitration action regarding Andrew Elsoffer’s conduct was settled for $60,000.00 in damages on October 9, 2018. Arbitration No. 18-00885, FINRA (October 9, 2018). During his stay with Stifel Nicolaus, Elsoffer was accused of making inappropriate transactions in the customer’s account.
Andrew Elsoffer is also mentioned in a customer-initiated investment-related arbitration claim in which the customer sought $250,000.00 in damages and accused Andrew Elsoffer of breach of contract, breach of fiduciary duty, negligence, and fraud in connection with stock trading in the customer’s Stifel Nicolaus account. Arbitration No. 20-00655, FINRA (February 27, 2020).
On September 11, 2020, a customer-initiated investment-related arbitration lawsuit concerning Andrew Elsoffer’s conduct was settled for $14,999.00 in damages, based on allegations of unsuitable and unauthorized stock trades by Andrew Elsoffer while registered with Stifel Nicolaus. Arbitration No. 19-01995, FINRA. The claim alleges a violation of Ohio’s securities laws as well as a breach of contract and a breach of fiduciary obligation to the consumer. According to the claim, Stifel Nicolaus’ negligence and inability to monitor caused the customer’s damages.
Stifel Nicolaus fired Andrew Elsoffer on October 16, 2018, based on allegations in customer disputes and Andrew Elsoffer breaking policy relating to customer funds.
Reference- Stifel Nicolaus Stockbroker Sanctioned For Falsifying Information (securitiesarbitrations.com)
FINRA( Financial Industry Regulatory Authority) – Who fined Andrew Elsoffer for Falsifying Information)
The Financial Industry Regulatory Authority (FINRA) is a private American corporation that oversees member brokerage companies and exchange markets as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD), as well as the New York Stock Exchange’s member regulatory, enforcement, and arbitration activities. The United States Securities and Exchange Commission (SEC) is the ultimate regulator of the United States securities industry, including FINRA.
The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator of all securities firms operating in the United States. The objective of FINRA is to protect investors by ensuring that the securities industry in the United States functions fairly and honestly. FINRA supervised 3,517 brokerage companies, 153,907 branch offices, and roughly 624,674 registered securities salespeople in December 2019.
FINRA employs roughly 3,600 people and is headquartered in Washington, D.C., and New York City, with 20 regional offices located around the United States.
How does FINRA discipline offenders like Andrew Elsoffer?
Discipline can be either official or informal. Formal actions may include a fine, a fine and restitution order, suspension, or expulsion from the industry. Informal actions can include warning letters and directions to correct a specific problem. The same way FINRA has done with Andrew Elsoffer who was sanctioned for providing false information to the investors.
Fake PR is subject to acquisition but seems not in the case of Andrew Elsoffer!! (The fake PR technique is used by Andrew Elsoffer to hide his true image of a fraudulent investor )
Andrew Elsoffer promotes himself using deceptive PR and fraudulent advertising. He uses deception and lies to establish credibility.
Andrew Elsoffer is trying to hide his fraudulent stockbroker image and also trying to advance his career by using phony or fake press releases and unethical marketing methods. This method is widely used by scammers since it allows them to conceal their criminal record while presenting themselves as a trustworthy organization.
Fake PR is extremely dishonest because it involves the dissemination of misleading information and lies. Andrew Elsoffer has also done this.
The majority of paid articles have the same material but are written in multiple languages. Andrew Elsoffer had the funds to buy Fake Articles, but he lacked the volume of content required to maintain diversity. He should have spent more money on content creation to persuade readers that the posts are genuine.
Andrew Elsoffer’s featured pieces appear in publications known for their sponsored and brand content, allowing anyone to upload their own self-drafted content for $$$$. His public relations firm or he may have paid to get included in mid-tier and premium media, but the amount of effort put into his content is astounding. His essays are one-of-a-kind and fascinating to read. His fake PR articles are printed on some of the sponsored publications like Imensch, and Issuu, and on his own website.
In all these fake publications Andrew endorses himself to be a sports champion and showcases his sports skills as he mentions about his soccer coaching skills and his coaching endeavors which have included a wide range of teams. Andrew Elsoffer mentions that- “ He has coached high school, college, and club teams, teaching the values of cooperation, discipline, and unflinching determination in them. Andrew’s dedication to soccer extended beyond the field to positions of leadership in his community. Notably, he served as President of the Orange Crush Soccer League, demonstrating his continuing passion and impact in his community.”
He also endorses his claimed achievements in Merrill Lynch as he mentions in these fake PRs – “He skillfully navigated the intricate dynamics of the team environment at Merrill Lynch, effectively fostering a positive and harmonious atmosphere for his advisory team. Unfazed by the shifts in jobs, life circumstances, or geographic locations Andrew encountered, his coaching commitment remained steadfast, spanning an impressive 20 consecutive seasons. Throughout this period, soccer emerged as Andrew’s conduit for forging connections with the younger generation within his community.”
Get Justice Suspicious
Conclusion
Concluding with the impact of a fake article published and why should people be concerned with what they are referring to. (The fake PR technique is used by Andrew Elsoffer to hide his true image )
The public is entitled to the truth and intelligent enough to make their own decision if they have all of the facts in front of them. When someone is presented with fake news, they have every right to be offended because they are being treated as an idiot.
Fake news ruins your reputation. People will be much less likely to believe you now and in the future if your arguments are based on incorrect information. Real news can benefit someone if someone wants to buy some stuff online they would want to read accurate articles about that company so they can invest wisely. If you are planning on voting in an election, you want to read as much good information on a candidate so you can vote for the person who best represents your ideas and beliefs. Fake news will not help someone make money or make the world a better place, but real news can.
Impact of PR on Public
- Public relations tactics help complex and pluralistic societies better understand themselves and make analytical decisions. This enables these non-governmental organizations to promote mutual understanding among various groups and institutions. As a result, a public relations strategy aids in the construction of a bridge between private and public property.
- Public relations assist many societal institutions that incorporate businesses, unions, government agencies, voluntary associations, foundations, hospitals, schools, universities, and religious institutions. These establishments have specific purposes, which creates a need to create and develop an effective relationship with those institutions and their members, such as employees, members, customers, communities, shareholders, other institutions, and, of course, society.
- Institutions use a variety of strategies to attain their goal of knowing the public’s views and values. They enable spokespeople to serve as consultants and coordinators to their respective management, allowing them to translate institutional aims into feasible and publically acceptable policies and actions.
So to conclude- Social media has played an enormously frustrating, if not destructive, role in the spread of fake news and the downgrading of fact-based pieces. The negative impacts of fake news have far-reaching ramifications for society as a whole as well as the corporate world, putting considerable pressure on public relations to dispel the myths assaulting their brands with well-developed solutions.
However, if PR approaches this difficulty with caution, it may be transformed into a tremendous opportunity to win the community’s faith in their brand by assuring rigorousness in publications and all communications with audiences, which has always been the ultimate goal of all PR efforts.
After reading this article, it made clear how these people use fake methods to promote themselves and the scheme that they were providing is also unreliable for the customers. Trusting them is a complete waste of time and money.
Violating the rules and the regulations of the firm and also not providing the proper information to the client is not tolerated at all. There are many complaints from the customers regarding misleading them and unethical marketing techniques were used by him.
These brokers were trying to deceive their own customers and try to mislead them by showing the wrong information to the people and lending out the client money without the firm permission. Now that is the reason why Andrew Elsoffer got the 2 years suspension by the FINRA.
There are victims who claim that by trusting him they suffered losses and he tries to give the wrong transactions to their customers. This is insane man how can somebody do this to anyone?
They are using deceptive marketing strategies to attract numerous individuals and also hide their intentions from the people. It is best to avoid these brokers’ advice whose main intention is to scam the people.
People like him were known for making false promises to customers and constantly deceiving them by offering unnecessary information. The majority of the time, those involved in these crimes left immediately after performing the crime. However, I appreciate regulatory agencies’ attempts to take action against such people seriously.
Nowadays people need to be aware of these types of fraud cases and try to avoid dealing with the broker who is found to be suspicious. And the authority should cancel the license of these brokers who were using fake marketing tactics. People easily believed them and later suffered heavy losses.
A friend of mine faced a similar situation where a stock broker tried to mislead him and give the wrong information about the stock. At last, he had suffered heavy losses. It would be best to research it properly and then take advice from the brokers. These brokers are a nightmare for the people.