Scott Erik Aabel (also known as Scott Eric Aabel), of Osprey, Florida, a stockbroker registered with Spire Securities LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $300,000.00 in damages based upon allegations that Aabel made unsuitable recommendations of variable annuities and alternative investments during the time that Aabel was associated with Spire Securities LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01585 (June 22, 2021). The claim alleges that the recommendations were inconsistent with the customer’s objectives and needs.
This is not the first time that Aabel has been referenced in a customer initiated investment related dispute concerning Aabel’s conduct in the securities industry. FINRA Public Disclosure shows that Aabel was also referenced in a customer initiated investment related complaint filed on November 19, 2004, in which the customer requested $130,000.00 in damages based upon allegations that Aabel made unsuitable recommendations and made omissions of material fact in connection with the sale of variable annuities during the period that Aabel was associated with Prime Capital Services Inc.
On October 9, 2009, a customer initiated investment related complaint involving Aabel’s conduct was settled for $6,447.63 in damages based upon the alleged reduction in value of a living benefit rider on a variable annuity during the period that Aabel was associated with Asset Financial Planning Ltd.
Public Disclosure shows that Aabel has been fined $5,000.00 and suspended for 30 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Aabel failed to make regulatory disclosures of his settlements with credit card companies. Acceptance, Waiver, and Consent No. 2012033732901 (September 16, 2016).
According to the AWC, Aabel failed to promptly update his Form U4 to include reportable events. The findings revealed that Aabel entered into separate agreements to settle outstanding balances on his credit cards through compromises with the credit card companies. However, Aabel did not disclose these compromises to the securities broker dealer, nor did he update his Form U4 to reflect these arrangements. By neglecting to promptly update his Form U4 to disclose his involvement in compromises with two creditors, Aabel violated FINRA’s By-Laws Article V, Section 2(c) as well as FINRA Rules 2010 and 1122.
Aabel has been associated with Spire Securities LLC in Osprey, Florida, as a stockbroker since December 6, 2016, and has been associated with Spire Wealth Management LLC in Osprey, Florida, as a stockbroker since January 6, 2017.
