Did you lose money investing with Scott Kaufman (CRD# 2047445)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Scott Kaufman. If you suffered losses investing with Scott Kaufman, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 20, 2023, Scott Kaufman’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Customer Dispute
2 Regulatory Events
2 Employment Separation After Allegations
December 22, 2021 – An AWC was issued in which Kaufman was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Kaufman consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation of the circumstances giving rise to a Form U5 filed by his member firm. The findings stated that the firm filed the Form U5 stating that it had terminated Kaufman’s registration due to his use of a fixed income trading strategy designed to increase bond ratings at the expense of lowering yield to customer. (FINRA Case #2019063886401)
Current and Previous Registrations
02/10/2020 – 04/14/2020 VANGUARD MARKETING CORPORATION (CRD#:7452) MALVERN, PA
06/30/2017 – 09/09/2019 LPL FINANCIAL LLC (CRD#:6413) WYOMISSING, PA
11/16/2010 – 07/07/2017 WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616) READING, PA
04/01/2008 – 11/23/2010 JANNEY MONTGOMERY SCOTT LLC (CRD#:463) WYOMISSING, PA
03/16/1994 – 04/04/2008 LPL FINANCIAL CORPORATION (CRD#:6413) WYOMISSING, PA
06/19/1990 – 03/02/1994 PRUDENTIAL SECURITIES INCORPORATED (CRD#:7471) NEW YORK, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Scott Kaufman and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
