Scott Allen Sibley of Boca Raton Florida a stockbroker formerly registered with Moors Cabot Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested damages estimated to exceed $5,000.00 founded on allegations that (1) the customer’s account was handled in a negligent manner (2) contractual obligations had been breached (3) fiduciary duties were violated (4) investment recommendations were not suitable concerning oil and gas products and commodities (5) the customer’s assets were overconcentrated in sector-specific investments and (6) the investment account was churned. FINRA Arbitration No. 18-02997 (Aug. 24, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sibley is referenced in twenty-two more customer initiated investment related disputes containing accusations of his misconduct during the time that he was associated with securities broker dealers including Raymond James. In particular, a customer initiated investment related arbitration claim involving Sibley’s conduct was settled for $350,000.00 in damages based upon allegations including elder exploitation; breach of contract; breach of fiduciary duty; churning; unauthorized trading; omissions; negligence; and fraud as it related to the options and equities trades placed in the customer’s account while Sibley was associated with Raymond James Associates Inc. FINRA Arbitration No. 16-01493 (July 7, 2017).
On April 18, 2017, another customer initiated investment related arbitration claim regarding Sibley’s activities was resolved for $37,500.00 in damages supported by accusations that mutual fund, stock and municipal debt transactions were executed in the customer’s account without permission; and the customer experienced unwarranted poor performance on those investments. Sibley is also the subject of a customer initiated investment related arbitration claim which was settled for $137,000.00 in damages founded on allegations that Florida’s Investor Protection Act was violated; contractual and fiduciary obligations were breached; the investment account was administered negligently; and fraudulent equities transactions led the customer to experience investment losses. FINRA Arbitration No. 17-00066 (Aug. 11, 2017).
On March 29, 2018, a customer initiated investment related arbitration claim involving Sibley’s activities was settled for $99,000.00 in damages supported by allegations that contractual obligations had been violated; fiduciary duties owed to the customer were breached; transactions had been handled with poor care; and the customer was defrauded. FINRA Arbitration No. 17-02277. Also, on March 29, 2018, a customer initiated investment related arbitration claim regarding Sibley’s conduct was resolved for $45,000.00 in damages founded on accusations of trades being placed in the customer’s account without authorization; equity transactions being induced by deception and misrepresentation; bad investments having been sold to the customer; and transactions running afoul of Florida law. FINRA Arbitration No. 17-02761.
Another customer initiated investment related arbitration claim concerning Sibley’s conduct was resolved for $7,500.00 in damages based upon accusations of the violation of Florida Statutes; breach of contract; breach of fiduciary duty; negligence; and fraud in reference to the common and preferred stock and over-the-counter equities transactions placed in the customer’s account between May of 2015 and July of 2017. FINRA Arbitration No. 17-02201 (Apr. 30, 2018). Sibley is also referenced in a customer initiated investment related arbitration claim which was settled for $45,000.00 in damages based upon allegations of bad investment advice from Sibley in regard to the customer’s equity portfolio. FINRA Arbitration No. 17-02801 (June 21, 2018).
Sibley has been barred from associating with any FINRA member in any capacity founded on findings that he, inter alia, poorly advised at least ten customers with regard to their precious metals securities and options transactions; effected discretionary trades without authorization in ten customer accounts; and falsely marked customers’ orders as unsolicited. Letter of Acceptance Waiver and Consent No. 2015044123501 (Apr. 27, 2017). FINRA found Sibley’s conduct violative of Securities Exchange Act of 1934 Section 17(a); NASD Rules 2510(b) and 3110(a); and FINRA Rules 2010, 4511, 2360, and 2111.
