Category Archives: Hunter Scott Financial

Hunter Scott Financial of Delray Beach Expelled from Securities Industry

On August 22, 2014, FINRA reports that Hunter Scott Financial of Delray Beach, FL, had its registration cancelled for failure to pay outstanding CRD fees pursuant to FINRA Rule 9553.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Hunter Scott Financial Fined $25,000 by Securities Regulators

Delray Beach, Florida

The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.

See the FINRA website for current and historical disciplinary actions.

AUGUST 2013
Hunter Scott Financial, LLC (CRD #45559, Delray Beach, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $25,000.

Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it charged its customers a fee for handling, in addition to a commission, on securities transactions. The findings stated that the handling fee was fixed at $50 per transaction and a substantial portion was not attributable to any specific cost or expense incurred by the firm in executing the trade, or determined by any formula applicable to all customers. The handling fee was determined by the firm, not by the individual representative executing the order. Although reflected on customer trade confirmations as a charge for handling, a substantial portion of the fee actually served as a source of additional transaction-based remuneration or revenue to the firm, in the same manner as a commission, and was not directly related to any specific handling services the firm performed, or handling-related expenses the firm incurred, in processing the transaction.

The firm’s characterization of the charge as being for handling was therefore improper. The finding also stated that by designating the charge as a handling fee on customer trade confirmations, the firm understated the amount of the total the firm commissions charged and misstated the purpose of the handling fee. (FINRA Case #2012034690901)

If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Hunter Scott Financial-Delray Beach, FL- Fined $20,000 by Florida Regulators

On March 14, 2013, the Florida Office of Financial Regulation (OFR) fined Hunter Scott Financial, LLC, of Delray Beach, FL, $20,000 for violations of Section 517.161 Florida Statutes.

The Florida OFR found that during 2010-2012, Hunter Scott overcharged customers fees of $125,000 in violation of Florida Statutes, the Florida Administrative Code, FINRA Conduct Rule 2010, NASD Conduct Rules 2110 and 2430 and Rule 10b-10 of the Securities Exchange Act of 1934.

If you have questions or complaints about losses in your brokerage account, call us for a no charge consultation.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900