Soreide Law Group Files FINRA Arbitration Against RAYMOND JAMES & ASSOCIATES, INC., & broker SCOTT ALLEN SIBLEY

Soreide Law Group, based in Florida, has filed a FINRA arbitration on behalf of our clients (Claimants) against:
         RAYMOND JAMES & ASSOCIATES, INC.,
        & registered representative SCOTT ALLEN SIBLEY (CRD# 15239819) (Respondents)
The Claimants, a retired married couple from Florida, took the full cash benefit of their retirement which was nearly $1 million.  Allegedly, the Claimants were advised by RAYMOND JAMES broker, SCOTT SIBLEY, to do this with the promise from SIBLEY that he would be able to generate more income for them than the retirement system they had in place.
The lawsuit alleges that SCOTT SIBLEY immediately concentrated the Claimants retirement savings almost exclusively into commodity driven high-risk metals and oil stocks. SIBLEY managed the funds for the Claimants IRA accounts and one joint account. This strategy is inappropriate and unsuitable for retirees and it cost the Claimants over $300,000 of their irreplaceable retirement savings.
The Claimants having now suffered devastating losses to their irreplaceable retirement savings as a direct result of Respondents over concentrating the Claimants account into metals and oil investments, have no other means of replacing the principal loss and the lost stream of future income to support themselves through retirement. No one from RAYMOND JAMES ever made an attempt to build a diversified portfolio to protect the retirement savings of two retirees. There was also no hedging or stop loss strategy implemented in the account and the Respondent over concentrated the Claimants’ account in on one idea that has now cost the Claimant over $300,000 of his irreplaceable retirement savings.
SCOTT SIBLEY’s customer complaints rank him in the top one-hundredth percentile of all registered representatives for customer complaints.  The vast majority of the reported conduct relates to the conduct at issue here involving material misrepresentations and negligent recommendations involving deceptive trade practice allegations
Although the damage analysis is presently ongoing, the lawsuit is claiming that the Claimants should be awarded from RAYMOND JAMES and their representative out of pocket damages of approximately $300,000.00 in actual damages, $300,000 under FL Stat. 517, and an award of attorney’s fees under FL Stat. 517 to later be determined by a court of competent jurisdiction.
The lawsuit is also claiming; negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud and violation of Florida’s Investor Protection Act 517.
If you were a client of RAYMOND JAMES broker, SCOTT SIBLEY, and you experienced losses due to his actions or recommendations, contact the Florida-based Soreide Law Group and speak to a lawyer regarding the possible recovery of you investment losses at:  888-760-6552.