Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 11, 2016 indicate that former Colorado-based Merrill Lynch broker Joseph Scott is currently not affiliated with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Scott (CRD# 2887163).
Joseph Scott has spent seven years in the securities industry and was most recently registered with Merrill Lynch in Greenwood Village, Colorado (2014-2016). Previous registrations include Wells Fargo Investments in San Francisco, California; Wells Fargo Securities in San Francisco, California; Wells Fargo Brokerage Services in Minneapolis, Minnesota; Dean Witter Reynolds in Purchase, New York; and Piper Jaffray in Minneapolis, Minnesota. He is currently not registered with any state or firm.
According to his BrokerCheck report, Joseph Scott has been terminated from his former member firm, Merrill Lynch.
In July 2016 Joseph Scott was terminated from his position at Merrill Lynch following allegations of “Conduct including failure to adhere to firm standards regarding selling away, recommending an unsuitable transaction to a customer and failure to be forthcoming when questioned, resulting in a loss of management’s confidence.”
“Selling away” refers to the purchase, solicitation, or sale by a broker of securities not offered by his/her member firm. Such transactions are typically also not included in the firm’s official records. Both FINRA rules and federal securities law forbid selling away: Perhaps the most important regulatory codification with respect to selling away is FINRA Rule 3040, which states that “No person associated with a member shall participate in any manner in a private securities transaction” unless the transaction complies with numerous terms, including written authorization from the member firm. Investment professionals who engage in selling away may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Joseph Scott, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.