FINRA provides important information regarding securities broker Scott Ari Shaw (CRD#: 4406793, Philadelphia, Pennsylvania). It appears that the disclosures involving Shaw concern Ameriprise Financial Services Inc. (his employer from 2001 to 2018). Shaw was both a financial advisor representative and a securities broker with Ameriprise Financial Services. Here is an overview of the disclosures involving allegations involving Shaw.
Particularly, in August 2020, an Ameriprise Financial Services Inc. client took aim at Scott Shaw’s sales practices as a securities broker. Allegedly, he did not tell the client about the status of their life insurance policy, causing it to eventually lapse. Evidently, Ameriprise Financial Services Inc. agreed to settle with the client, without admitting liability, by paying $30,000 in damages to the client per a settlement in August 2020.
Notably, a client of Ameriprise Financial Services Inc. complained about Scott Shaw’s sales practices, according to an investment dispute in BrokerCheck in 2010. Mainly, the client makes allegations of unsuitable recommendations concerning a switch of the client’s variable life policy with a policy that had higher surrender charges and a reduced benefit. Consequently, the client that Shaw’s actions produced damages of $9,190. It appears that Ameriprise Financial Services Inc. denied this dispute.
Did Scott Shaw cause you to experience losses? You could call Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a possible recovery of your losses. Soreide Law Group takes clients’ cases on a contingency fee basis. Also, we advance all costs. The firm has recovered compensation for many US investors who incurred losses because of their financial advisors and securities brokers. Please note that Shaw denies all allegations of improper sales practices.
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