Our firm is investigating Emerson Equity LLC broker and investment advisor Ryan Jonathan Sherer (CRD# 5952617) of Los Gatos, California, for potential investment-related misconduct involving real estate securities.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, Ryan Jonathan Sherer has been in the securities industry since 2012 and has been registered with multiple brokerage and investment advisory firms over his career.
Sherer is currently registered as a General Securities Representative with FINRA and licensed in more than two dozen U.S. states and territories through Emerson Equity LLC (CRD# 130032). His current registrations include a branch office in Los Gatos, California, and an investment advisory branch in Reno, Nevada.
His registration and employment history includes:
- Emerson Equity LLC (CRD# 130032) — General Securities Representative and Investment Adviser Representative (2019–Present), with branch locations in Los Gatos, CA and Reno, NV.
- Sandlapper Securities, LLC (CRD# 137906) — Registered Representative (2015–2019), Los Gatos, CA.
- Sandlapper Wealth Management, LLC (CRD# 41534) — Investment Adviser Representative (2015–2019), San Jose, CA.
- SCF Investment Advisors, Inc. (CRD# 123608) — Investment Adviser Representative (2015–2015), Fresno/San Jose, CA.
- SCF Securities, Inc. (CRD# 47275) — Registered Representative (2015–2015), San Jose, CA.
- J.P. Turner & Company Capital Management, LLC (CRD# 124446) — Investment Adviser Representative (2013–2015), San Jose, CA.
- J.P. Turner & Company, L.L.C. (CRD# 43177) — Registered Representative (2012–2015), San Jose, CA.
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) — Registered Representative and Investment Adviser Representative (2013–2014), San Jose, CA.
He has also reported several investment-related outside business activities, including The Sherer Group, LLC; Access Capital Group, LLC; and WSU Pullman, LLC, which involve securities-related business, insurance and annuity sales, and real estate finance.
Ryan Jonathan Sherer Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck currently reports four pending customer disputes involving real estate securities and three outstanding tax liens against Ryan Jonathan Sherer. These disclosures consist of serious allegations of sales-practice violations, breaches of duty, and violations of Regulation Best Interest (Reg BI), though none have been adjudicated and all remain allegations at this time.
Pending Real Estate Securities Arbitrations
All four reported customer disputes are pending FINRA arbitrations related to real estate securities. Collectively, claimants are seeking well over $1 million in alleged damages, with some claims asserting potential losses of up to $5 million when including consequential and punitive damages, interest, costs, and attorneys’ fees.
The customer disputes disclosed on BrokerCheck include:
- FINRA Arbitration 24-01278 (Filed June 11, 2024)
- Product: Real Estate Security
- Allegations: Unsuitable recommendations, common law fraud, breach of fiduciary duty, and negligence.
- Alleged Damages: Statement of claim references a range between $100,000 and $200,000 in actual damages, plus interest, costs, and expert fees.
- Status: Pending.
- Broker/Firm Response: The firm states it intends to seek dismissal, asserting that the customer did not purchase the investment from Emerson Equity, Tim Sherer, or Ryan Sherer.
- FINRA Arbitration 25-01596 (Notice Served August 5, 2025)
- Product: Real Estate Security
- Allegations: Breach of contract and warranties, promissory estoppel, violation of consumer protection and deceptive trade practices acts, violations of securities statutes, breach of fiduciary duty, common law claims, vicarious liability, and alleged violation of Regulation Best Interest.
- Alleged Damages: Statement of claim asserts an aggregate amount between $1,000,000 and $5,000,000, including direct and consequential losses, statutory and punitive damages, pre- and post-award interest, costs, and attorneys’ fees.
- Status: Pending.
- FINRA Arbitration 25-01785 (Notice Served August 27, 2025)
- Product: Real Estate Security
- Allegations: Breach of contract and warranties, promissory estoppel, consumer protection and deceptive trade practices violations, securities law violations, breach of fiduciary duty, common law claims, vicarious liability, and alleged violation of Regulation Best Interest.
- Alleged Damages: Claimants seek between $500,000 and $1,000,000, plus damages, attorneys’ fees, and costs.
- Status: Pending.
- FINRA Arbitration 25-02079 (Filed October 2, 2025; Complaint Received October 3, 2025)
- Product: Real Estate Security
- Allegations: Breach of contract and warranties, promissory estoppel, consumer protection and deceptive trade practices act violations, securities statute violations, negligence and gross negligence, misrepresentation and negligent misrepresentation, breach of fiduciary duty, unjust enrichment, vicarious and joint and several liability, and violation of Regulation Best Interest (Reg BI).
- Alleged Damages: Claimants seek an award ordering respondents to pay between $500,000 and $1,000,000, including direct and consequential damages, statutory and punitive damages, plus interest and attorneys’ fees.
- Status: Pending.
These cases generally allege that Sherer and his firm made unsuitable recommendations in complex or illiquid real estate securities, failed to act in customers’ best interests under Regulation Best Interest, and breached fiduciary and contractual obligations to retail investors.
Tax Liens and Financial Disclosures
In addition to the pending customer disputes, BrokerCheck reports three outstanding tax liens against Ryan Jonathan Sherer, totaling approximately $1.29 million:
- IRS Tax Lien – $644,261.09 (Filed February 7, 2024)
- Court: Santa Clara County Court, San Jose, CA
- Tax Years: 2020, 2021, and 2022
- Status: Outstanding
- Broker Statement: Sherer reports he is cooperating with the IRS and working under an installment agreement to resolve and pay the lien in full.
- IRS Tax Lien – $591,390.54 (Filed February 21, 2024)
- Court: Santa Cruz (Other Court)
- Tax Years: 2016, 2017, 2018, and 2019
- Status: Outstanding
- Broker Statement: He reports that this lien relates to the same tax years as an earlier case, reflecting unpaid federal tax obligations.
- California Franchise Tax Board Lien – $58,332.99 (Filed July 18, 2023)
- Court: State Court, Santa Clara, California
- Status: Outstanding.
Unresolved tax liens can raise additional concerns for investors regarding a broker’s financial condition and potential conflicts of interest, especially when combined with multiple pending investment fraud-type customer disputes.
Important: All of the customer complaints and arbitrations described above are pending allegations and have not been proven. Outcomes may include dismissals, settlements without admissions of wrongdoing, or decisions in favor of the broker or firm.
To obtain a copy of Ryan Jonathan Sherer’s FINRA BrokerCheck report, visit this link
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Nationwide Representation in FINRA Arbitration
If you invested in real estate securities or other alternative investments through Ryan Jonathan Sherer or Emerson Equity LLC and suffered losses, you may be able to pursue recovery through FINRA arbitration. FINRA arbitration is the primary forum where investors bring claims against brokers and brokerage firms for unsuitable recommendations, misrepresentations, Regulation Best Interest violations, and failures to supervise.
Experience With Real Estate and Private Placement Investments
Our firm focuses on high-risk, illiquid investments such as non-traded REITs, real estate partnerships, and complex private placements often sold under Regulation D. These products frequently carry high commissions and substantial risks that may not be fully disclosed to retail investors. When brokers concentrate customer portfolios in such real estate securities, or recommend them to conservative or income-focused investors, the result can be devastating losses. We regularly evaluate cases involving these types of products and can also review related Reg D offerings that may have been unsuitable for your profile.
Breach of Fiduciary Duty and Failure to Act in the Customer’s Best Interest
Many of the pending arbitrations involving Sherer allege breach of fiduciary duty, misrepresentation, and violation of Regulation Best Interest. When a broker places his own interests, commissions, or firm sales goals ahead of the client, that conduct may violate both state and federal securities laws and FINRA’s ethical standards. Our attorneys routinely represent investors in cases involving alleged breach of fiduciary duty, negligence, and failures to act in the customer’s best interest.
If you believe you were misled about the risks of a real estate security or other alternative investment recommended by Sherer or Emerson Equity LLC, you should have your accounts reviewed by an experienced securities attorney as soon as possible.
FINRA Rule 2111 (Suitability)
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that any recommendation is suitable for the customer based on the client’s investment profile, including age, financial situation, risk tolerance, liquidity needs, investment experience, and objectives.
In the pending complaints involving Ryan Jonathan Sherer, investors allege that he recommended complex real estate securities that were unsuitable for their needs and risk tolerances, resulting in significant losses. Allegations of unsuitable recommendations, over-concentration in illiquid real estate investments, or failure to match the product’s risk profile to the investor’s objectives are classic suitability issues that can implicate Rule 2111.
If an arbitrator finds that Sherer recommended high-risk or illiquid real estate securities to conservative or income-focused investors without properly disclosing the risks or diversification concerns, those findings could support a violation of FINRA Rule 2111 and justify an award of damages in FINRA arbitration.
FINRA Rule 2010 (Standards of Commercial Honor and Just and Equitable Principles of Trade)
FINRA Rule 2010 requires brokers and associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” This broad rule is often cited in conjunction with more specific violations and can apply whenever a broker’s conduct falls below the ethical norms expected in the securities industry.
The pending arbitrations against Sherer allege misrepresentation, negligent misrepresentation, breach of fiduciary duty, unjust enrichment, and, in some claims, common law fraud. If it is proven that Sherer misled customers about the nature, risks, or liquidity of real estate securities, or recommended products that he knew—or should have known—were not in their best interests, arbitrators or regulators could deem that conduct inconsistent with the high ethical standards demanded by Rule 2010.
Moreover, failure to comply with Regulation Best Interest, including conflicts-of-interest and disclosure obligations, may also be viewed as conduct inconsistent with “just and equitable principles of trade” and therefore actionable under FINRA Rule 2010.
FINRA Rule 3110 (Supervision)
While the reported disclosures are tied to Sherer individually, many investor cases also involve claims against the brokerage firm for failure to supervise under FINRA Rule 3110. Rule 3110 requires member firms like Emerson Equity LLC to establish and maintain a system of supervision reasonably designed to achieve compliance with applicable securities laws and FINRA rules.
In the context of the pending real estate securities disputes, investors may argue that Emerson Equity failed to:
- Adequately review and approve complex real estate securities before allowing brokers to sell them to retail customers.
- Monitor Sherer’s recommendations and account activity for red flags such as over-concentration in illiquid real estate products or large-ticket purchases inconsistent with investors’ stated objectives.
- Ensure that brokers complied with Reg BI and suitability standards, including proper documentation of customer profiles and risk disclosures.
If panels conclude that the firm lacked adequate supervision or failed to address red flags, Rule 3110 violations could form an additional basis for liability and damages against the firm, separate from Sherer’s individual conduct.
For investors, supervisory failures can be a critical part of a case, because a firm with significant compliance shortcomings may be held financially responsible for a broker’s unsuitable or misleading recommendations.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
