Scott Sibley Investigated for Stockbroker Misconduct, Target of Pending FINRA Investigation
Florida stockbroker Scott A. Sibley (CRD# 1523981) is the subject of a pending Financial Industry Regulatory Authority (FINRA) investigation for a variety of stockbroker misconduct allegations including gross negligence, common law fraud, churning, unsuitable recommendations, and unauthorized trading.
Scott Sibley, who currently is not registered with any FINRA broker-dealer firm, has been in the securities industry for 22 years. His most recent position was as a registered broker with Moors & Cabot, which is based in Boca Raton, Florida. He was there from 2015 to 2017.
According to a FINRA report on March 23, 2017, Scott Sibley was previously with Prudential Securities Incorporated in New York, New York; Salomon Smith Barney in New York, New York; Janney Montgomery Scott in Fort Lauderdale, Florida; and Raymond James & Associates in Fort Lauderdale, Florida.
The FINRA investigation is looking into potential violations of the Securities and Exchange Act of 1934 and into possible violations of FINRA’s By-Laws, including those regarding the willful failure to disclose material information on Form U4, and several other FINRA Rule violations.
His BrokerCheck reveals 22 disclosures, a dozen of which are settled customer complaints.
Scott Sibley first faced allegations of unauthorized and excessive trading, breach of fiduciary duty, negligence and breach of contract in 1998. The client sought damages of $145,000, but Prudential Securities Incorporated settled for $50,000 on Jan. 27, 2000. Salomon Smith Barney settled for $25,000 on Feb. 2, 2000. Scott Sibley did not contribute to either settlement.
In 2005, while he was with Janney Montgomery Scott, Scott Sibley settled allegations of unsuitability, churning, failure to protect claimant’s assets, breach of fiduciary duty and unauthorized trading with a liability of $150,000. Without admitting any liability, that case was settled for $25,000 in June 2005.
While with Raymond James & Associates, Scott Sibley was accused of violating Florida statutes, exploitation of a vulnerable adult, exploitation of a disabled adult, negligence, breach of fiduciary duty, and breach of third-party contract. The allegations reportedly took place between March 2009 and March 2015. The customer dispute was settled for $325,000 in 2015.
According to the BrokerCheck report, Scott Sibley currently has two pending customer disputes. One customer alleges negligence and gross negligence, common law fraud, unsuitable recommendations, omissions of material facts, unauthorized trading, churning, statutory fraud, exploitation of the elderly, breach of contract, breach of fiduciary duty, and violations of FINRA Rule 2010 and FINRA Rule 2111. These activities allegedly were ongoing between July 26, 2005 and Feb. 18, 2015. The damages sought totaled $675,000.
In another pending dispute, a client is seeking $300,000 in damages. The customer alleges negligence, breach of fiduciary duty, breach of contract, fraud, and violation of Florida’s Investor Protection Act 517 from Nov. 4, 2008 to Aug. 15, 2015.
FINRA works to ensure that investors can have confidence in their stockbrokers by holding them accountable to federal securities laws and rules through a stringent enforcement process. FINRA’s Enforcement Department has the job of conducting investigations into possible violations and taking disciplinary action when necessary.
When an investor believes that he or she has been the victim of stockbroker misconduct, such matters are handled by the FINRA arbitration panel not traditional state or federal courts. In these cases, having an experienced FINRA arbitration attorney can greatly affect the success of the complaint.
If you believe that you were the victim of investment fraud, the experienced FINRA arbitration attorneys at MeyerWilson are ready to help. Contact us today by phone or by filling out our online form for a free case evaluation.