Former South Florida Raymond James Broker, SCOTT ALLEN SIBLEY, Barred by FINRA

On April 20, 2017, the former South Florida broker, SCOTT ALLEN SIBLEY (CRD#: 1523981) was barred by the Financial Industry Regulatory Authority Inc. (FINRA) for allegedly making unauthorized trades for one client, making unsuitable recommendations for 10 clients, and creating false records of the trades.
FINRA stated that Sibley was employed at Raymond James, November 2007 - February 2015. He was fired from Raymond James after the firm received multiple customer complaints alleging the unauthorized trading and improper use of time and price discretion.
At the time, Scott Sibley, of Pompano Beach, Fla., was employed for Moors & Cabot. Sibley was terminated in February 2017 from Moors & Cabot.
According to FINRA, Sibley’s 62-year-old client was not working due to medical reasons. This client had a low to moderate risk portfolio and was interested in preserving capital and generating income.  FINRA alleges that Sibley initiated approximately 900 purchases and sales in the client's two accounts without authorization, knowledge, or consent. Of those transactions, 139 involved equity options where Sibley sold uncovered put option contracts or closed put option contracts without written authorization, which caused a margin debit balance without the client's authorization, knowledge or consent.
FINRA’s findings also stated that Sibley's recommendations to purchase, sell, or exchange and his recommended strategy to over-concentrate clients' accounts in the basic materials sector securities (e.g., precious metals), were unsuitable with respect to at least 10 clients. The 10 clients were all seniors who relied on the money in their accounts to help fund their ongoing retirements. Sibley effected at least 1,000 discretionary transactions in 14 accounts belonging to the10 clients without written discretionary authority and without the accounts being accepted by his member firm as discretionary.
Soreide Law Group, based in Pompano Beach, Florida, posted the following article on this blog March 3, 2017:
Soreide Law Group Files FINRA Arbitration Against RAYMOND JAMES & ASSOCIATES, INC., & broker SCOTT ALLEN SIBLEY
https://www.securitieslawyer.com/scott-sibley/
According to FINRA’s BrokerCheck, SCOTT ALLEN SIBLEY has 22 Disclosures on his report, 17 of which are Customer Disputes.  Sibley has been in the securities industry for 22 years and has been listed with 5 firms, the two most recent listed below:
03/18/2015 - 02/27/2017  MOORS & CABOT, INC. - BOCA RATON, FL
11/26/2007 - 03/10/2015  RAYMOND JAMES & ASSOCIATES, INC. - FT. LAUDERDALE, FL
If you’ve experienced losses due to the recommendations, actions, or lack of supervision of former South Florida broker, SCOTT ALLEN SIBLEY, contact Soreide Law Group, based in Pompano Beach, Florida, for a no cost consultation with an experienced securities lawyer regarding the possible recovery of your losses in a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.  Let our experience and knowledge work for you.