Scott Dale Syde (also known as Scott Dale Syde), of Bloomington, Minnesota, a stockbroker registered with Independent Financial Group LLC, was the subject of a customer initiated investment related civil action that was settled for $150,000.00 in damages based upon allegations that Syde, now deceased, managed a private investment account for the customer during the time that Syde was associated with Independent Financial Group LLC. Civil Action No. 25-CV-22-538 (January 12, 2023).
This is not the first time that Syde has been referenced in a customer initiated investment related dispute concerning Syde’s conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Syde is also referenced in a customer initiated investment related complaint filed on July 7, 2009, in which the customer requested $203,000.00 in damages based upon allegations that Syde made misrepresentations of material fact in connection with the sale of promissory notes when Syde was associated with QA3 Financial Corp. This complaint was closed without a resolution.
Syde was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $100,000.00 in compensatory damages because Independent Financial Group LLC was held liable for sales practice violations. FINRA Arbitration No. 21-00296 (January 21, 2022). The Statement of Claim alleged that IFG committed fraud, violated FINRA rules, converted funds, breached his fiduciary duties, and violated state securities laws. In addition to 10% interest, costs and attorneys’ fees, IFG was ordered to pay 100% of the $13,500 in FINRA hearing costs.
Syde was associated with Independent Financial Group LLC as a stockbroker from February 14, 2011, to January 2, 2019. Mr. Syde died on December 31, 2018.