Meyer Wilson is currently investigating complaints concerning Bennett Scott
Broad (CRD # 702460). According to his FINRA report, he has 28 complaints
filed against him alleging multiple instances of misconduct. The main
transgressions he is accused of include:
- Excessive Trading
- Unsuitable Investments
- Common Law Fraud
- Unauthorized Trading
Bennett Scott Broad has been in the securities business for over 35 years.
He most recently worked with Oppenheimer & Co. Inc., handling investments
from 2003 through 2015. He previously worked with UBS Painewebber Inc.,
Dean Witter Reynolds Inc., and Philips, Appel, & Walden. Complaints
were filed against Broad while he was working both at Oppenheimer &
Co. Inc. and UBS Painewbber Inc. Some of the accusations about him are
listed as follows.
With Oppenheimer & Co. Inc.
- In 2015, a customer accused Broad of making unsuitable investment suggestions.
The matter was settled for $15,000.
- In 2012, a customer alleged that Broad made multiple unsuitable and excessive
trades, probably in the hopes of increasing commission. The charge was
handled through arbitration and settled for $131,945 in 2013.
- In 2009, Broad was indicted for allegedly making excessive and unauthorized
investments. In 2011, the complaint was settled for $121,500.
With UBS Painewebber Inc.
- In 2004, Broad was accused of misrepresenting recommendations for investments.
He also allegedly partook in unauthorized trades. A year later, the matter
was settled for $25,000.
- In 2002, a customer claimed that Broad made excessive trades and did not
appropriately disclose information and supposedly misrepresented material
facts. The matter settled for $90,000.
According to reports, FINRA sanctioned a suspension order for Broad on
May 22, 2015. The suspension went into effect June 15. Based on FINRA
Rule 9552, Broad has three months to terminate his suspension, or he will
be barred from associating with FINRA businesses after August 25.
Meyer Wilson is currently investigating these accusations. If you have
invested with Bennett Scott Broad, call us today for a free consultation.
Our investment fraud lawyers can look into your case.