Andrew Marschall (CRD# 5922785) is a former stockbroker and investment advisor who worked for Capitol Securities Management, Inc., and later PNC Investments, most recently operating out of the Solomons, Maryland office.
Financial Advisor’s Career History
Andrew Marschall entered the securities industry in 2011. His registration history reflects employment with multiple brokerage firms over a period of more than a decade.
Marschall was registered with AXA Advisors, LLC from June 2011 to October 2011, followed by Merrill Lynch, Pierce, Fenner & Smith Incorporated from December 2011 to February 2012 in Pittsford, New York. He then worked at Morgan Stanley from August 2012 to February 2014 in Rochester, New York. From February 2014 through September 2019, Marschall was registered with Capitol Securities Management, Inc. in Rochester, New York. His most recent registration was with PNC Investments from December 2020 through March 2024, where he served as an investment advisor in Solomons, Maryland. He is not currently registered with FINRA.
Andrew Marschall Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck records disclose one customer dispute involving Andrew Marschall, arising from conduct during his tenure at Capitol Securities Management, Inc.
FINRA Customer Dispute – Unsuitable Non-Traded REIT Recommendation
According to FINRA records, a customer alleged that Marschall breached his fiduciary duty by recommending an unsuitable non-traded real estate investment trust (REIT). The complaint asserted that the recommendation was inconsistent with the client’s investment objectives and risk tolerance.
- Date arbitration filed: September 27, 2021
- Forum: FINRA Dispute Resolution Services
- Case number: 21-02452
- Product involved: Real Estate Security
- Alleged damages: $100,001
- Status: Settled
- Settlement date: December 5, 2022
- Settlement amount: $50,000
- Individual contribution: $0
FINRA records note that Andrew Marschall was not named as an individual respondent in the arbitration and did not personally contribute to the settlement amount.
Summary of disclosed events:
- Customer dispute alleging breach of fiduciary duty and unsuitable investment recommendation — settled December 2022.
To obtain a copy of Andrew Michael Marschall’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires brokers and advisors to have a reasonable basis to believe that a recommended investment strategy or security is suitable for a customer based on the client’s financial profile, objectives, risk tolerance, and investment experience. Allegations involving unsuitable non-traded REIT recommendations often arise when advisors fail to adequately assess liquidity needs or overstate potential benefits.
FINRA Rule 2010 mandates that brokers observe high standards of commercial honor and just and equitable principles of trade. Recommending illiquid or complex investments without full and fair disclosure of risks may violate this rule, particularly when such recommendations benefit the firm or advisor at the expense of the client.
FINRA Rule 2090 (Know Your Customer) obligates financial professionals to use reasonable diligence to understand essential facts about each customer. Failure to properly understand a client’s investment objectives and financial circumstances can directly contribute to unsuitable recommendations and fiduciary breaches.
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