July 2021- Hackensack , NJ
According to publicly available records, Scott Fergang, a financial advisor who previously was employed by RBC Capital and who now works for Stifel, Nicolaus , discloses a regulatory event , a customer dispute and a termination from employment.
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 April of 2021, after FINRA case #2018059478701 was filed, without admitting or denying the findings, Fergang consented to the entry of findings that he exercised discretionary trading authority to effect 814 transactions in four customer’s accounts while employed by RBC Capital Markets. The findings stated that none of the four customers provided written authorization for Fergang to exercise discretion in their accounts and his former member firm did not accept and of the four accounts as discretionary accounts. A 15 business day suspension was ordered as well as a $5,000 fine.
In May of 2018, a RBC Capital Markets customer questioned the suitability of mutual fund purchases and alleged abuse of breakpoints resulting in excessive commissions. The case settled for $51,286 with a personal contribution from Fergang of $25,643.
In June of 2019, Fergang was discharged from RBC Capital Markets for violation of the Firm’s Time and Price Discretion policy.
Fergang has been employed with Stifel, Nicolaus & Co., Inc. since July of 2019. Before that time he was with RBC Capital Markets.
If you have losses in an account handled by Scott Fergang, call to learn how you may be able to recover damages through FINRA arbitration.
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.
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