Scott Hedeman Discharged For Falsifying Brokerage Account Statements

Scott HedemanPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on July 5, 2017 indicate that former Michigan-based Allstate Financial Services broker Scott Hedeman has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Hedeman (CRD# 3214721).

Scott Hedeman has spent 13 years in the securities industry and was most recently registered with Allstate Financial Services in Grand Rapids, Michigan (2007-2016). Previous registrations include AG Edwards & Sons in Grand Rapids, Michigan (2003-2007) and Edward Jones in St. Louis, Missouri (2002). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 3 (National Commodity Futures Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, Scott Hedeman has received one customer complaint and was discharged from his former employer.

In June 2017 FINRA sanctioned him following allegations he “submitted two falsified brokerage account statements with his loan application to a bank in order to increase the likelihood that the bank would grant Hedeman and his wife a loan of $225,000 that they sought to refinance and remodel their home.” FINRA’s findings state further: “at that time, Hedeman and his wife each had a securities account with his member firm. The account balances of Hedeman’s and his wife’s securities accounts were $0.13 and $144.90, respectively. Consequently, in order to falsify the account statements, Hedeman first accessed the firm’s internal system to print two customer account statements for which he was the representative of record. Hedeman then cut and pasted his and his wife’s name onto the two account statements. Lastly, Hedeman submitted the altered account statements to the bank. Due to the alterations, the securities account statements that Hedeman sent to the bank now falsely reflected that, Hedeman and his wife had account balances of $28,043 and $58,502.” He was issued a 3-month suspension and a fine of $5,000.

In 2016 he was discharged from his position at Allstate Financial Services following allegations he improperly altered personal brokerage account statements.

If you have lost money investing with Scott Hedeman, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. 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.