Scott Bremus Fined, Involved In Investor Disputes

Financial Industry Regulatory Authority (FINRA) sanctioned broker Scott Michael Bremus [CRD: 4073006, Dacula, Georgia], and investors complained about his sales practices, according to disclosures on BrokerCheck. Evidently, Bremus most recently worked for LPL Financial LLC from October 14, 2016, to October 29, 2021. Here’s more about these disclosures.

FINRA Suspended Bremus For Private Securities Transactions

Specifically, on October 6, 2023, FINRA issued AWC: 2021073072701 sanctioning Scott Bremus. Notably, FINRA alleged that Bremus participated in a private securities transaction without providing prior written notice to, or obtaining written approval from, LPL Financial LLC.

The findings stated that Bremus was involved in a transaction which concerned two of his firm's clients, a married couple, who were introduced by Bremus to another registered representative to discuss an investment in a company. This representative engaged in outside business activities (OBAs) without disclosing them to the firm, leading to the clients transferring money to these OBAs, one of which was the investment company. The married couple eventually entered into a promissory note with the company for $300,000. Bremus facilitated a $125,000 and a $175,000 wire transfer from the clients' accounts to the company, under the pretense of not having solicited or recommended the investment.

FINRA’s sanctions against Bremus included a six-month suspension, starting from October 16, 2023, and ending on April 15, 2024, and a fine of $10,000.

Morgan Stanley Smith Barney Investor Accused Scott Bremus Of Misrepresentation

Particularly, a client's attorney filed a complaint about Scott Bremus. Evidently, the complaint alleged that Bremus made misrepresentations with respect to a variable annuity investment in December 2006. Consequently, on September 8, 2009, Morgan Stanley Smith Barney settled this matter by paying the client $60,000 in damages.

LPL Financial LLC Investor Accused Bremus Of Misrepresentation

Specifically, on June 30, 2008, a Citigroup Global Markets Inc. client filed a complaint about Scott Bremus. Supposedly, Bremus made misrepresentations of material fact. Because of this, the client allegedly sustained damages on variable annuities. For this reason, the client requested compensation from Citigroup Global Markets Inc. or Bremus. The claim was denied on October 13, 2009.

Did You Sustain Losses Because Of Securities Broker Scott Bremus?

Did you experience losses because of Scott Bremus? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Bremus and brokerage firms he worked for deny accusations of sales practice violations.