Barred for allegedly aiding and abetting violation of federal securities law
After 16 years in the securities industry, James E. Scott has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Scott was most recently registered with International Assets Advisory, LLC.
According to the FINRA BrokerCheck website, Scott worked as a long-time sales assistant for an individual broker referred to in the disciplinary action as “RO.” From April 2012 through December 2012, Scott allegedly aided and abetted RO to continue acting as a broker – engaging in the recommendation and sale of securities transactions – in the state of Texas.
The problem?
RO was not registered in the state of Texas during that time, or with FINRA for four of those months, for that matter.
During this time, Scott was associated with FSC Securities Corporation while RO’s association with FSC was pending. Scott allegedly facilitated RO’s continued performance as a securities broker by putting on investment seminars for RO to solicit investment business from new and existing clients, by making arrangements for RO to meet with new and existing clients to drive investment business, and by executing trades on behalf of RO. By doing so, Scott aided and abetted RO in violating federal securities laws.
In addition to helping RO facilitate investment business, Scott allegedly shared at least $45,700 of his commissions with RO during the time RO was unregistered.
And if that’s not enough reason for FINRA to take action, according to the disciplinary action, the final blow came from the fact that Scott knowingly provided false testimony to FINRA regarding all of the above activities while giving an on-the-record statement. By doing so, he impeded FINRA’s investigation. As such, he “violated FINRA regulations and failed to observe high standards of commercial honor and just and equitable principals of trade.”
As of June 10, 2015, James E. Scott was permanently barred from the securities industry by FINRA.
Why is this important to you?
If you’re an investor who suffered financial losses at the hands of James E. Scott, or any other financial adviser, you may be eligible to recover your losses through securities arbitration. The key is to turn to the right securities fraud attorney with proven expertise in recovering lost funds.
With Silver Law Group you’ll find experienced securities attorneys committed to recovering investment losses due to stockbroker misconduct. With lawyers admitted to practice in New York and Florida – representing investors nationwide – you can expect a complimentary consultation and a case handled on a contingent fee basis, meaning you don’t pay legal fees unless Silver Law Group is successful. Contact us today to schedule your free consultation and discuss your legal rights.