Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on January 13, 2017 indicate that Wisconsin-based SII Investments broker/adviser Scot Madsen has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Madsen (CRD# 703172).
Scot Madsen has spent 38 years in the securities industry and has been registered with SII Investments in Michigan and Wisconsin since 2002. Previous registrations include Hornor Townsend & Kent in Horsham, Pennsylvania; Park Avenue Securities in New York, New York; Guardian Investor Services in New York, New York; Equico Securities in New York, New York; and the Equitable Life Assurance Society of the United States in New York, New York. He is a registered broker and investment adviser with 25 US states and territories.
According to his BrokerCheck report, Scot Madsen has received one customer complaint and one pending customer complaint.
In November 2016 a customer alleged Scot Madsen, while employed at SII Investments, recommended unsuitable investments in variable annuity and real estate investment trust products. The customer is seeking unspecified damages in the pending complaint.
In 2013 a customer alleged Scot Madsen, while employed at SII Investments, recommended unsuitable investments in two real estate investment trust products. The complaint settled in 2015 for $67,500.
A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, non-traded REITs may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has complaints regarding Scot Madsen, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.