On February 19, 2021, SCOTT WAYNE REED (SCOTT W REED) CRD#: 3007033, a former broker from Wells Fargo of Scottsdale, Arizona, was barred by FINRA for allegedly selling away from the firm.

Without admitting or denying FINRA’s findings, SCOTT WAYNE REED consented to the sanction and to the entry of findings that he allegedly participated in private securities transactions totaling at least $3.5 million without providing prior written notice or obtaining advanced approval from his member firm.

According to FINRA’s findings, SCOTT WAYNE REED allegedly solicited individuals, including at least two firm clients, to invest in securities issued by a software and web development company. Reed allegedly participated in these investments away from the firm by providing written materials about the company to investors, and by communicating with them orally, by email and text message about the company and encouraging them to invest.

FINRA also stated that SCOTT WAYNE REED allegedly facilitated the transactions by, among other things, helping investors send or receive transfers of funds. Reed received selling compensation of $191,340 from the company for his role in soliciting and facilitating the investments, and Reed personally invested over $200,000 in the company, according to FINRA.

According to FINRA’s BrokerCheck, SCOTT WAYNE REED was in the securities industry for 21 years and had 7 Disclosures on his FINRA CRD report. There is an “Employment Separation after Allegations,” in April of 2020. Wells Fargo allowed Reed to resign voluntarily over, “Allegations that registered representative recommended and facilitated investment opportunities in investments sold away from and not offered by Wells Fargo Advisors.” Three of the Disclosures are “Customer Disputes.” Reed is no longer registered with any firm.  Reed had been listed with 7 firms, the most recent listed below:



11/10/2015 – 04/13/2016  COASTAL EQUITIES INC – WILMINGTON, DE

02/21/2012 – 11/11/2015  ACCELERATED CAPITAL GROUP – SCOTTSDALE, AZ  (FINRA  expelled the firm on  11/26/2019)

If you’ve experienced investment losses due to the actions or recommendations of SCOTT WAYNE REED formerly of WELLS FARGO OF SCOTTSDALE, AZ, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationally before FINRA on a contingency fee basis–no fee if no recovery.