Scott Vincent Kaup of Stuart Nebraska a stockbroker formerly registered with VSR Financial Services Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $2,600,000.00 in damages founded on allegations that (1) misrepresentations and omissions had been made to the customer concerning investments (2) real estate security and direct investment products recommended to the customer were not suitable given the customer’s objectives for investing and risk tolerance (3) there was a lack of due diligence conducted on the customer’s investments and (4) VSR Financial Services Inc. failed to supervise Kaup’s activities with regard to the customer’s investment account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01244 (Apr. 4, 2018).
FINRA Public Disclosure further reveals that a customer initiated investment related arbitration claim concerning Kaup’s conduct was resolved for $173,000.00 in damages based upon accusations that while Kaup was associated with VSR Financial Services Inc., Kaup negligently serviced the customer’s investment account, breached a fiduciary duty to the customer, made inappropriate investment recommendations, and committed fraud in reference to the real estate security, oil & gas, and limited partnership interests sold to the customer. FINRA Arbitration No. 16-01088 (Apr. 13, 2016).
Kaup’s registration with VSR Financial Services Inc. has been terminated as of September 1, 2016. Since then, Kaup has been employed by Summit Brokerage Services Inc.
