March 2019-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, 1 pending customer dispute, 22 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 made findings that Sibley made about 900 securities purchases and sales in customer accounts without the authorization , knowledge or consent of the customers. In addition Sibley caused the customer to carry a margin debit balance without the customer’s authorization, knowledge or consent and over concentrated the customer’s account in precious metals.
The prior final customer disputes include:
- FINRA arbitration 17-2277 in which a Raymond James customer alleged negilgence, breach of fiduciary duty, breach of contract and violations of Florida securities laws. That case was settled for $99,000.
- FINRA arbitration 17-2761 in which a Raymond James customer alleged over concentration, suitability, misrepresentation, exploitation, fraud and other causes of action. That case was settled for $45,000.
- 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.
- FINRA arbitration 17-0066-a Raymond James customer alleged damages of $300,000 for negligence, fraud and violations of the Florida Investor’s Protection Act. That case was settled in 2017 for $137,000.
- FINRA arbitration 16-01493-a Raymond James customer alleged damages of $675,000 for negligence, fraud, unsuitable recommendations, exploitation of the elderly, violations of Florida securities laws and other claims. That case was settled in 2017 for $350,000.
Sibley was discharged by Raymond James in 2/2015 after the firm received multiple customer complaints alleging that the customer’s accounts had been traded without their permission.
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 , 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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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