Arizona Corporation Commission Securities Division Sanctions Scott Reed

Soreide Law Group is investigating possible investor claims against securities broker Scott Reed AKA Scott Wayne Reed [CRD#: 3007033, Scottsdale, AZ]. Notably, Arizona Corporation Commission Securities Division sanctioned the securities broker, who worked for Wells Fargo Advisors. Allegedly, Reed engaged in private securities transactions. Here is a brief summary of Arizona Corporation Commission Securities Division’s allegations against Reed.

Arizona Corporation Commission Securities Division Sanctions Wells Fargo Advisors Securities Broker Scott Reed For Private Securities Transactions

Evidently, on March 24, 2022, Arizona Corporation Commission Securities Division issued Case #: S-21132A-20-0370 sanctioning Scott Reed for infractions. Specifically, Arizona Corporation Commission Securities Division fined Reed $50,000. Evidently, Arizona Corporation Commission Securities Division alleged that Reed engaged in private securities transactions.

Wells Fargo Clearing Services Securities Broker Sanctioned By FINRA For Private Securities Transactions

Also, FINRA issued Case #: 2020066246901 on February 19, 2021 sanctioning Scott Reed for infractions. Allegedly, Reed engaged in a private securities transaction. Therefore, on February 19, 2021, FINRA barred the securities broker.

Supposedly, from 2019 through 2020, Reed was involved in private securities transactions amounting to at least $3.5 million without giving prior written notice during the time that he was associated with Wells Fargo Clearing Services LLC.

Specifically, Reed solicited six people, two of which were clients of Wells Fargo, to invest in securities issued by a web development and software company. The purpose of the securities was to raise capital for its ongoing operations and for investors to receive a return from the repayments.

Evidently, Reed facilitated the transactions by assisting investors in sending and receiving funds. Reed received $191,340 in compensation for his role in facilitating the investments. As a result of failing to provide prior written notice to Wells Fargo about his activities, Reed violated FINRA Rules 2010 and 3280.

Wells Fargo Clearing Services Terminates Securities Broker Scott Reed For Private Securities Transactions

Notably, Wells Fargo Clearing Services disaffiliated with Reed. Evidently, Wells Fargo Clearing Services alleged that Reed engaged in private securities transactions.

Wells Fargo Advisors Investor Accuses Reed Of Private Securities Transactions

Evidently, on September 15, 2021, a Wells Fargo Advisors client filed a complaint about Scott Reed. Notably, the client alleged that Reed engaged in private securities transactions. Because of this, the client sustained damages on Curza Global, Ascensive Creator, and The Pebblekick investments. Therefore, the client requested compensation from Wells Fargo Advisors or Reed. Evidently, this complaint is pending a resolution.

Scott Reed Discloses Sales Practice Violations Allegations By Wells Fargo Advisors Client

Also, a client of Wells Fargo Advisors contested Scott Reed’s sales practices, according to a complaint dated April 30, 2020. Allegedly, Reed committed sales practice violations. Supposedly, the investments which Reed sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from Wells Fargo Advisors or Reed in this ongoing matter.

Coastal Equities Investor Accuses Reed Of Unsuitable Recommendations

Evidently, a Coastal Equities client filed FINRA Arbitration #: 17-03293 about Scott Reed. Namely, the client alleged that Reed made unsuitable recommendations. Because of this, the client sustained damages on over-the-counter equities and oil and gas investments. Therefore, on December 7, 2017, Coastal Equities settled this matter by paying the client $15,000.

Scott Reed Discloses Unsuitable Recommendations Allegations By Fidelity Brokerage Services Client

Also, a client of Fidelity Brokerage Services contested Scott Reed’s sales practices, according to a complaint dated May 24, 2010. Allegedly, Reed made unsuitable recommendations. Supposedly, the mutual funds which Reed sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from Fidelity Brokerage Services or Reed in the amount of $9,000 in this ongoing matter.

Recent Employer Information

Scott Reed worked for First Financial Equity Corporation in Scottsdale, AZ, as a securities broker from April 7, 2020 to December 26, 2020. 

Did Wells Fargo Advisors Securities Broker Reed Cause You To Experience Damages?

Have you sustained damages because of securities broker Scott Reed? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors in all 50 states, represents clients on a contingency fee basis and advances all costs. Reed and brokerage firms Reed was employed by deny any and all allegations of sales practice violations.