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Last updated - January 28, 2026
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Gary Scheer, managing member & sole investment adviser representative of Retirement Financial Advisors, LLC in Morristown, recommended & sold unregistered securities in 7 different investments to at least 50 investors from 2010 through 2018, generating more than $600,000 in commissions for himself. 6 of the 7 investments Scheer recommended ultimately were determined by federal authorities to be fraudulent.
CEO
High Risk
Based on the available data, we advise consumers to avoid this Individual altogether.
This advisory is based on an aggregate risk score derived from OSINT, Adverse Media, Reviews, and Risk Factors identified in our research.
You are likely to be at great risk by engaging in any sort of consumer-related activity with this entity.
Medium Risk
Based on the available data, we advise employees to be mindful when considering or continuing work with this Individual.
This advisory stems from a medium-risk score compiled from OSINT, Adverse Media, Reviews, and Risk Factors uncovered in our analysis.
Employment with this entity may involve moderate risks.
Based on the available data, we urge investors and bankers to avoid financial involvement with this Individual.
This advisory is informed by an aggregate risk score based on OSINT, Adverse Media, Reviews, and Risk Factors identified through our investigation.
Engaging in investment or lending activities with this entity poses a substantial risk to your financial interests.
Safe to Onboard
Enhanced Due Diligence required
Do Not Onboard
Monitor adverse media every 6 months
File SAR (Suspicious Activity Report) is warranted
Escalation to compliance committee
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Gary Scheer, a Morristown financial advisor, sold over $12 million in unregistered securities from 2010 to 2018, with six out of seven investments later deemed fraudulent by authorities, including Ponzi schemes like Woodbridge and Northridge.
In February 2020, the New Jersey Bureau of Securities issued a Summary Penalty and Revocation Order against Gary Scheer, fining him $750,000 for violations including selling unregistered securities and breaching fiduciary duties.
Gary Scheer’s involvement in recommending scam investments, resulting in a major fine and license revocation, has tarnished his image as a reliable financial advisor, with media reports labeling his actions as a scam.
Allegations against Gary Scheer include omitting material risks, failing to disclose commissions, and not conducting adequate due diligence on fraudulent investments he recommended. These breaches were central to the 2020 regulatory order. Investors were misled.
Gary Scheer’s recommendations led to investors losing their savings in fraudulent schemes, with authorities noting egregious breaches of trust. At least 50 investors were affected, investing in Ponzi-like operations. Restitution efforts are ongoing through federal and state channels.
The case against Gary Scheer was handled by the New Jersey Attorney General’s Office and Bureau of Securities, with announcements framing it as a scam prosecuted under securities law. No criminal charges were filed, but civil enforcement resulted in substantial penalties.
Regulatory and Compliance Screening
Litigation and Legal Proceedings
Reputational and Adverse Media Risks
Geographic and Jurisdictional Risk
What you see here scratches the surface
We offer reward for actionable intel
This 2020 Patch.com news article details Gary Scheer's involvement in investment fraud as a Morristown financial advisor, where he sold over $12M
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This Investment News article details the New Jersey Bureau of Securities' revocation of Gary Scheer's investment adviser registration and imposition.
This New Jersey Bureau of Securities Summary Penalty and Revocation Order against Gary Richard Scheer details his sale of over $12M in securities
Other Red-Flags and Adverse News
Based on user engagement on this review profile, ProConsumer will decide to publish its Risk Audit report for public if a threshold engagement, traffic and user input is achieved.
Known Assets: [Real estate, investments, companies]
Suspicious Transactions
Liabilities: [Bankruptcies, defaults, debts]
Wealth Sources: [Legitimate / Unclear / High-risk]
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Business Model Assessment
All comments are user-generated content and may not be verified. They represent the personal opinions of the public and should not be relied upon. These comments do not influence or determine our overall rating.
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1.5
Highly experienced
Well-recognized name
Faced allegations of scamming others
Allegedly sold fake silver
Sued multiple times
Unregulated industry
Alarming number of complaints online
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Although Scheer is often described in promotional materials as a long‑tenured financial professional, the pattern of unregistered sales and investor losses raises serious questions about his adherence to industry standards and regulations. These issues suggest systemic weaknesses in compliance oversight and risk disclosure to clients. Such a profile increases legal and reputational exposure for any associated firm or partner.
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2/5
Gary Scheer presents himself as an experienced financial advisor with decades in the industry, regulatory records show that he sold more than $12 million of unregistered securities to multiple investors. These investments generated substantial commissions but were later determined by authorities to involve fraudulent schemes, including major Ponzi‑type operations. Ethical concerns in his professional conduct. Prospective investors should be highly cautious.
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