Scott Lindsay Reed, of Indianapolis, Indiana, a stockbroker formerly registered with David A. Noyes & Company, is the subject of a customer initiated investment related arbitration claim, where the customer requested $379,245.00 in damages based upon allegations that Reed made omissions and misrepresentations to the customer concerning Digonex and BRS alternative investments, and placed unsuitable transactions in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03301 (Dec. 15, 2017).
FINRA Public Disclosure reveals that Reed has been referenced in four additional customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with David A. Noyes & Company. In particular, a customer filed an investment related written complaint in reference to Reed’s conduct, in which the customer sought $1,681,430.00 in damages supported by allegations of violations of Texas Securities Act, violations of FINRA Rules, breach of fiduciary duty, breach of contract, negligence, unsuitable investment recommendations, and securities fraud in regard to the customer’s alternative investment portfolio. FINRA Arbitration No. 17-01211 (May 18, 2017).
Then, a customer brought an investment related arbitration claim concerning Reed’s activities, where the customer requested $191,000.00 in damages founded on accusations that the customer’s account was negligently handled, and that unsuitable BRS stock transactions were effected in the customer’s account between October of 2011 and December of 2014. FINRA Arbitration No. 17-02475 (Sept. 20, 2017).
Moreover, a customer filed an investment related arbitration claim involving Reed’s conduct, in which the customer sought $105,000.00 in damages based upon allegations that unsuitable Digonex and BRS private equity transactions had been placed in the customer’s account, and David A. Noyes & Company failed to supervise Reed’s sales activities. FINRA Arbitration No. 17-02646 (Oct. 5, 2017). Further, a customer filed an investment related arbitration claim regarding Reed’s activities, where the customer requested $350,000.00 in damages supported by accusations that Reed made false promises to the customer, underemphasized the risk pertaining to alternative investments, and placed transactions that were not appropriate for the customer.
Reed’s registration with David A. Noyes & Company has been terminated as of October 21, 2016. Since October 6, 2016, he has been employed with FS Investment Solutions, LLC.
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