Category Archives: Walnut Street Securities

Scott Shoup-Cetera Advisor Networks Broker-Discloses Customer Disputes-Sewickley, PA 

September 2019- Sewickley, PA

According to publicly available records Scott Eugene Shoup (CRD#1874559) , a  stockbroker who is currently registered Cetera Advisor Networks,  disclose 1 pending and 4 final customer disputes.

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.

From 6/ 2004 to 5/2005,  4 clients of Financial Investment Analysts filed customer disputes with allegations including: breach of contract, negligence, breach of fiduciary duty, misrepresentation, non-disclosures, unauthorized trading, omission of facts, suitability and fraud.  Total settlements paid on these cases was about $147,000.

In October of 2015, a Cetera Advisor Networks customer filed a claim in the Court of Common Pleas in Westmoreland County, PA, alleging forgery of securities and misrepresentation or misleading information.    The claim alleges that Shoup had the client’s name removed from monthly distributions from a joint annuity and that her husband was forging her name on the checks.   The client is seeking $500,000 in damages in this pending matter .

Shoup has been employed by Cetera Advisor Networks since 9/2013  He was registered with Walnut Street Securities from 2004 until 2013.     Shoup discloses a business affiliation with Vicus Capital, Inc.,  and Pennsylvania Financial Group (PFG) in State College, PA. 

If you have questions about an investment account handled by Scott Eugene Shoup contact us for a no charge consultation to learn about your legal options.

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

Cetera To Buy Walnut Street/Tower Square Securities

Cetera Financial Group announced April 5, 2013, that they are purchasing  two independent broker dealers, Tower Square Securities and Walnut Street Securities, from MetLife Inc. Cetera Financial Group currently includes:

  • Cetera Advisors Network (formerly Financial Network Investment Corp.)
  • Cetera Financial Institutions (formerly PrimeVest Financial Services)
  • Cetera Financial Specialists (formerly Genworth Financial)

The acquisition of Walnut Street and Tower Square will bring another 800 financial advisors to Cetera , for a total of over 7000, and is a continuation of Cetera’s expansion efforts. Cetera Financial Group will have over $130 billion in client assets following the merger of Walnut Street and Tower Square into Cetera Advisors Network.

Cetera began its independent broker dealer venture in 2010 by purchasing several broker dealers from ING, the Dutch insurer and last year acquired Genworth Financial Investment Services, now called Cetera Financial Specialists.

MetLife will still be in the independent broker-dealer industry with its two other broker-dealers MetLife Securities, Inc. and New England Securities, Inc. 

Rex Securities Law is a securities fraud , stockbroker negligence law firm that has been helping individual investors recover investment losses for 25 years. If you think you are the victim of securities fraud or if you believe you were sold an unsuitable investment, contact us for a no charge consultation to discuss your legal rights. You may be able to recover some or all of your losses through FINRA arbitration. See this for more information on FINRA arbitration.

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