John Scott Elliott of Overland Park Kansas is a stockbroker formerly registered with Ameriprise Financial Services Inc. who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to accusations that Elliott failed to provide information to FINRA regarding his business activities. Letter No. 2016051253201 (Mar. 6 2017).
Apparently, FINRA provided Elliott a Notice of Suspension letter on December 1, 2016, and later provided Elliott a Suspension from Association letter on December 27, 2016. Evidently, Elliott was required to respond to FINRA personnel by March 5, 2017; however, he failed to correspond with the regulator.
FINRA Public Disclosure reveals that Elliott has been identified in two customer initiated investment related disputes pertaining to allegations of Elliott’s misconduct during the time that he was registered with Ameriprise Financial Services. In particular, a customer filed an investment related arbitration claim involving Elliott’s conduct, in which the customer sought $85,000.00 in damages founded on accusations that from October of 2012 to April of 2014, Elliott recommended that the customer purchase $85,000.00 in an outside investment, Selden Companies, where the price volatility and risks of investing in Selden Companies stock had been misrepresented. FINRA Arbitration No. 16-03196 (Nov. 2, 2016).
Thereafter, a customer filed an investment related arbitration claim regarding Elliott’s activities in which the customer requested $853,000.00 in damages based upon allegations that investments in Selden Companies had been solicited and sold to the customers by Elliott, where the customers have not received any return of their principal. FINRA Arbitration No. 16-03295 (Nov. 11, 2016). The customers alleged that their investments in Selden Companies has been stolen, and that Selden Companies is a Ponzi-scheme.
Elliott was fired by Ameriprise Financial on August 8, 2016 based upon accusations that he sold away from the firm; his private securities transactions were violative of Ameriprise’s compliance policies.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
