Meyer Wilson is currently investigating complaints concerning Bennett Scott Broad (CRD # 702460). According to his FINRA report, he has 28 complaints filed against him alleging multiple instances of misconduct. The main transgressions he is accused of include:
- Excessive Trading
- Unsuitable Investments
- Common Law Fraud
- Unauthorized Trading
Bennett Scott Broad has been in the securities business for over 35 years. He most recently worked with Oppenheimer & Co. Inc., handling investments from 2003 through 2015. He previously worked with UBS Painewebber Inc., Dean Witter Reynolds Inc., and Philips, Appel, & Walden. Complaints were filed against Broad while he was working both at Oppenheimer & Co. Inc. and UBS Painewbber Inc. Some of the accusations about him are listed as follows.
With Oppenheimer & Co. Inc.
- In 2015, a customer accused Broad of making unsuitable investment suggestions. The matter was settled for $15,000.
- In 2012, a customer alleged that Broad made multiple unsuitable and excessive trades, probably in the hopes of increasing commission. The charge was handled through arbitration and settled for $131,945 in 2013.
- In 2009, Broad was indicted for allegedly making excessive and unauthorized investments. In 2011, the complaint was settled for $121,500.
With UBS Painewebber Inc.
- In 2004, Broad was accused of misrepresenting recommendations for investments. He also allegedly partook in unauthorized trades. A year later, the matter was settled for $25,000.
- In 2002, a customer claimed that Broad made excessive trades and did not appropriately disclose information and supposedly misrepresented material facts. The matter settled for $90,000.
According to reports, FINRA sanctioned a suspension order for Broad on May 22, 2015. The suspension went into effect June 15. Based on FINRA Rule 9552, Broad has three months to terminate his suspension, or he will be barred from associating with FINRA businesses after August 25.
Meyer Wilson is currently investigating these accusations. If you have invested with Bennett Scott Broad, call us today for a free consultation. Our investment fraud lawyers can look into your case.
The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .