June 2017- Hunt Valley, MD
According to publicly available records John Scott Simpson (CRD#719367) , a former stockbroker who was last employed by RBC Capital Markets, discloses one regulatory event, a currently pending customer dispute, five prior customer disputes and two terminations 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 12/2016 to resolve allegations that Simpson refused to appear for on the record testimony in connection with FINRA’s investigation of the conduct giving rise to his discharge from RBC Capital Markets, Simpson was permanently barred from the securities industry.
In 2016 four customers of RBC Capital Markets settled customer complaints against Simpson citing allegations of unsuitability, unauthorized trading, not monitoring accounts, over concentration in the oil sector, and ignoring requests to reduce exposure to the oil and gas sector in portfolio. Those cases were settled for various cash amounts.
In currently pending FINRA case 16-02205 a customer of RBC Capital Markets alleges that his portfolio was concentrated in the energy and metals sectors and was unsuitable for people of that age and risk tolerance. The alleged damages are $11,000,000.
In 1/2016, Simpson was discharged from RBC Capital Markets who made the following allegation on his FINRA record: “violation of firm policy regarding use of discretion in clients accounts“.
In 2003 Simpson, employed by UBS PaineWebber, was discharged after allegations of “unauthorized trading, violation of the firm’s solicitation policy and management’s loss of confidence“.
John Scott Simpson was employed by RBC Capital Markets from 3/2009 to2/2016, with Ferris, Baker, Watts 5/2003 – 3/2009 and PaineWebber 11/1980 until 5/2003.
If you have losses in an account handled by John Simpson, contact us to discuss 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.
Florida-561 391 1900