Scott Alan Sanders of Fort Myers Florida a stockbroker formerly registered with Stifel Nicolaus Co. Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $100,000.00 in damages supported by Stifel Nicolaus being found liable on the customer’s claims including breach of contract and breach of fiduciary duty as it pertained to the customer’s investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02477 (Aug. 29, 2019).
According to the claim, the customer was told to invest in Frontier Communications Corporation when this investment failed to align with the customer’s objectives for investing and their age. The customer’s account had allegedly been overconcentrated in the security. Stifel Nicolaus was accused of failing to supervise the stockbroker and violating FINRA Rules 2210 and 2210.
Sanders has been identified in two additional customer initiated investment related disputes containing accusations of his misconduct while employed by securities broker dealers including Wachovia Securities LLC. FINRA Public Disclosure confirms that Sanders has been referenced in a customer initiated investment related written complaint where the customer requested more than $5,000.00 in damages based upon allegations that the customer was not apprised of the risks of annuities that were purchased through Sanders.
On May 25, 2018, another customer filed an investment related complaint involving Sanders’s conduct in which the customer sought compensatory damages supported by accusations of the customer not being provided with important information concerning over-the-counter equities that had been sold by Sanders at Stifel Nicolaus.
Sanders’s stockbroker and investment adviser representative registrations with Stifel Nicolaus were terminated on December 27, 2018. Since December 7, 2018, he has been a stockbroker and investment adviser representative of Ameriprise Financial Services.
