Scott Polish, a broker from Ohio, has reportedly been permanently barred
due to allegations of broker theft.
Scott Polish was reportedly working for Wells Fargo at the time. He was
registered with Wells Fargo Clearing Services from May 2008 until April
2017, according to a report from the Financial Industry Regulatory Authority (FINRA).
Scott Polish was previously registered with Citigroup Global Markets from
2001 until 2008, First Union Securities Inc. from 1999 to 2001, McDonald
Investments Inc. from 1993 to 1999, and Olde Discount Corporation from
1991 to 1993.
In April 2017, Scott Polish was discharged from Wells Fargo after he admitted
to making transfers from his clients’ accounts and using the money
to pay his personal credit card. When a client asked about the transactions,
he reportedly informed the client that the transaction was a mistake and
refunded the money without notifying Wells Fargo. He was subsequently
discharged by Wells Fargo for broker theft.
FINRA began an investigation into the broker theft allegations and issued
a request to Scott Polish for documents and information. Despite receiving
the FINRA request, Scott Polish refused to produce the requested documents
In May 2017, Scott Polish consented to FINRA sanctions and was permanently barred.
What Is Broker Theft?
Financial advisors have a great deal of responsibility in managing their
customers’ assets and providing financial advice to accommodate
their interests and goals. Clients count on their brokers to make smart
investment decisions on the client’s behalf. Unfortunately, some
stockbrokers take advantage of their clients’ trust and will engage
in unscrupulous behavior—like stealing their money.
There are many ways to carry out broker theft. A broker may make unauthorized
withdrawals from the customer’s investment accounts. The broker
may use forgeries, concealment, or other misrepresentations to redirect
A stockbroker may also encourage customers to engage in a business dealing
or invest in a certain type of fund that requires them to write a check,
written either directly to the broker or to another entity that the broker
controls. The broker may then divert the customer’s money for the
broker’s personal use.
What Can I Do to Protect My Assets?
The majority of financial advisors are trustworthy and reliable. However,
it is always a good idea to look out for signs of fraud. Be wary if your
broker asks you to write a check payable to your broker or another company
affiliated with the broker.
Additionally, you should check your statements regularly and watch for
signs of potentially unauthorized withdrawals. If you notice anything
suspicious or concerning, contact your broker to inquire about the transaction.
Elderly individuals are at greater risk of stockbroker misconduct. Stockbrokers
with bad intentions may see this population as more vulnerable due to
cognitive impairment or other limitations associated with age. Elderly
investors should consider having a trusted family member review their
accounts and withdrawals on occasion to look out for any unauthorized
Learn More About Your Legal Rights
If you are concerned that your broker has engaged in broker theft or other
stockbroker misconduct, contact Meyer Wilson today to find out what you
can do to recover your losses. Stockbroker misconduct can be difficult
to prove, but our investment fraud lawyers are experienced at investigating
and litigating these types of cases.
Contact us today for a free consultation.