April 2017-Boca Raton, FL
According to publicly available records Scott Allen Sibley , (CRD# 1523981) , a former stockbroker who last worked for Moors & Cabot, discloses 3 prior regulatory events, 2 pending customer disputes, 15 prior final customer disputes, a termination from employment and an outstanding judgment/lien.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 2015 Sibley was fined $15,000 and suspended for 15 days to resolve allegations by the Florida Office of Financial Regulation that he made unauthorized trades in a client account.
In April 2017 FINRA permanently barred Sibley from the securities industry and found that he made about 900 securities purchases and sales in customer accounts without authorization, knowledge or consent. In addition Sibley caused the customer to carry a margin debit balance without the customer’s authorization, knowledge or consent and over concentrated the account in precious metals.
The prior final customer disputes include:
- FINRA arbitration 15-0881 in which a Raymond James customer alleged exploitation of a vulnerable adult, exploitation of a disabled adult and other claims. That case was settled for $325,000.
In pending FINRA arbitration 17-0066, a Raymond James customer alleges damages of $300,000 for negligence, fraud and violations of the Florida Investor’s Protection Act.
In pending FINRA arbitration 16-01493, a Raymond James customer alleges damages of $675,000 for negligence, fraud, unsuitable recommendations, exploitation of the elderly and other claims.
Sibley was discharged by Raymond James in 2/2015 after the firm received multiple customer complaints alleging unauthorized trading.
Sibley was employed by Moors & Cabot from 3/2015-2/2017 and by Raymond James 11/2007-3/2015.
If you have losses in an investment account handled by Scott Sibley , you may be entitled to recover damages. Call for a no charge consultation.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, 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.
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