James E. Scott Aided and Abetted the Recommendation and Sale of Unregistered Securities in Texas, Allegedly
From April 5, 2012 to August 9, 2012, James E. Scott, of Texas, while at FSC Securities, knowingly and considerably aided and abetted his former manager, known only as RO, in recommending and executing securities transactions in Texas when RO was not registered with the State of Texas, a Complaint from FINRA’s Department of Enforcement alleges. Precisely, Scott repeatedly expedited RO’s efforts to continue acting as a securities broker in spite of RO’s unregistered status, FINRA alleges. The Complaint details how Scott facilitated investment seminars for RO in order to solicit investment business from current and potential clients, that he made arrangements to allow RO to meet with current and potential clients to solicit investment business, and the method Scott used to manage to execute trades brokered by RO, who was not registered with the State of Texas from April 5, 2012 to August 9, 2012, for clients.
Scott Shared Commissions
By aiding and abetting RO, Scott reportedly violated the Sections of the Securities Exchange Act, and thereby FINRA Rules as well. Furthermore, between June 14, 2012 and August 9, 2012, Scott shared at least $45,700 of his transaction-based commission income with RO, FINRA alleges. In addition, Scott knowingly provided false information to FINRA staff regarding the nature of his relationship with RO, falsely testifying that RO played no role in seminar presentations to customers and potential clients, the FINRA complaint reports.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: James E. Scott
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!