Category Archives: Moors & Cabot

Scott Sibley-Former Raymond James Broker-Discloses Multiple Customer Disputes Alleging Abuse of the Elderly-Boca Raton, FL

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former Raymond James StockBroker Barred From Industry for Taking Customer Funds

October 8, 2015

Paul Anthony Steffany , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he he violated NASD and FINRA Rules by converting at least $112,742 belonging to a firm customer, a trust under an Estate for which he served as the trustee.

Conversion is the intentional and unauthorized taking ofand/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. Conversion of customer funds violates NASD Rule 2330(a) and FINRA Rule 2150(a), which prohibit persons associated with a FINRA-regulated broker-dealer from making”improper use” ofa customer’s funds.

Conversion also violates NASD Rule 2110 and FINRA Rule 2010, which require associated persons to observe ”high standards of commercial honor and just and equitable principles of trade.”

In addition, FINRA alleges that Steffany forged checks payable to the Estate and used the funds to pay his personal expenses.

AWC No.  2014041650301

Steffany was barred from the securities industry.

According to FINRA records, Steffany  was registered with Moors & Cabot, Inc.  from 7/2014-10/2015. Prior to that he was registered with Raymond James from 6/2007-6/2014.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former Moors & Cabot Broker Sanctioned Over Unauthorized Annuity Advertisements

June 18, 2015-Boston, MA

Lucian D. Hodgman  entered into a Letter of Acceptance Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between May and July 2013 he caused approximately 40,000 copies of an advertisement postcard to be sent out by mail without the approval of a registered principal at his member firm, Moors & Cabot, in violation of FINRA Rules 2210(b)(1) and 2010. The postcards contained information about investing in fixed annuities that failed to provide a sound basis for evaluating such an investment, according to the AWC.

The AWC also alleges that in July or August 2013, Hodgman falsely represented to Moors & Cabot that a third party marketing firm was responsible for the mailing without his knowledge or authorization.

Hodgman was fined $5,000 and suspended from association with any FINRA member in any and all capacities for 18 months.

Disciplinary Proceeding NO. 2013038183301

According to FINRA records, Hodgman was previously registered as follows:

  • 10/2014-present                      Newport Coast Securities
  • 4/2014-8/2014                          White Weld & Co. Securities
  • 9/2013-3/2014                          Investors Capital Corporation
  • 1/2001-9/2013                          Moors & Cabot, Inc.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870