Scott S. Niekamp of Chesterfield, Missouri, a stockbroker currently registered with Northwestern Mutual Investment Services LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $5,000,000.00 in damages based upon allegations that Niekamp misled the customer, made false representations, failed to disclose important information about investments, and breached a fiduciary duty in connection with the recommendation and sale of private securities when Niekamp was associated with Northwestern Mutual Investment Services LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00732 (April 28, 2021).
Public Disclosure shows that Niekamp is referenced in three total customer initiated investment related disputes concerning Niekamp’s conduct while associated with Northwestern Mutual Investment Services LLC. On June 7, 2019, a customer initiated investment related complaint involving Niekamp’s conduct was settled for $425,600.00 in damages based upon allegations that Niekamp made unsuitable transactions, made assurances of investment returns, omitted information about investments, and misled the customer with regard to the recommendation and sale of private securities when Niekamp was associated with Northwestern Mutual Investment Services LLC.
On December 3, 2019, another complaint involving Niekamp’s conduct was settled for $24,016.50 in damages based upon allegations that Niekamp made omissions about tax consequences when Niekamp was associated with Northwestern Mutual Investment Services LLC.
Public Disclosure also shows that Niekamp has been fined $10,000.00 and suspended for three months from associating with any FINRA member in any capacity because he engaged in undisclosed outside business activities. Letter of Acceptance, Waiver, and Consent No. 2018057421801 (June 9, 2021).
According to the AWC, from June 2011 to August 2017, Niekamp participated in two outside business activities without providing written notice to Northwestern Mutual Investment Services LLC
Niekamp had initially received approval from Northwestern to engage in an outside business activity in May 2011. However, in November 2014, Niekamp notified Northwestern he was no longer engaged in that outside business activity. FINRA states that Niekamp was still involved in that outside business activity, among other activities that he did not disclose to Northwestern until 2018. On six compliance questionnaires, Niekamp made false statements concerning his outside business activities.
Additionally, in September 2015, Niekamp and his wife loaned a firm customer $250,000.00 and in May 2016 loaned them an additional $200.000.00. Niekamp did not seek approval or notify his firm of the loans and falsely stated in a compliance questionnaire that he did not loan money to a customer of the firm. Niekamp violated FINRA Rules 2010, 3240, and 3270.
Niekamp has been associated with Northwestern Mutual Investment Services LLC as a stockbroker since 2000 and as an investment adviser representative since 2007.
