Robert Scott Smith (CRD #1412333) Has Customer Complaints

Robert Scott Smith (CRD #1412333) has been the subject of customer dispute disclosures, according to his FINRA BrokerCheck report accessed on January 14, 2026. If you have worked with Robert Scott Smith and you have concerns about his activity, keep reading.

BrokerCheck link: Robert Scott Smith BrokerCheck

BrokerCheck report: Robert Scott Smith BrokerCheck PDF

Investor disputes / customer complaints

Robert Smith FINRA BrokerCheck report reflects 16 customer dispute disclosures. Below are two examples:

Example 1 (Pending): Robert Smith FINRA BrokerCheck report reflects a customer dispute received on December 5, 2025. The allegations include breach of fiduciary duty; negligence and violation of Regulation BI, involving a real estate security. The matter is pending and the claimant requested $500,000.00 in damages in a FINRA arbitration (Case #25-02646).

Example 2 (Settled): Robert Smith FINRA BrokerCheck report reflects a customer dispute received on February 1, 2023. The complaint alleged suitability concerns relating to investments made in November 2019 (Direct Investment—DPP & LP Interests). The dispute was reported as settled with a settlement amount of $117,747.88.

In addition to the two examples above, Robert Smith FINRA BrokerCheck report reflects 14 other customer dispute disclosures.

Rule summary

Rule summary #1: FINRA Rule 4513 (Records of Written Customer Complaints)

FINRA Rule 4513 requires member firms to keep and preserve records of written customer complaints and related action taken by the firm. These recordkeeping requirements help ensure firms document and retain complaint information that may be relevant to supervision and regulatory review.

FINRA Rule 4513

Rule summary #2: FINRA Rule 4530 (Reporting Requirements)

FINRA Rule 4530 requires firms to report certain events to FINRA, including specified matters involving customer complaints and other reportable events. Among other obligations, the rule includes requirements related to reporting written customer complaints and provides FINRA data used for risk monitoring.

FINRA Rule 4530

Why this matters to investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background information (from BrokerCheck)

Based on his BrokerCheck Report, Robert Smith reportedly:

Is currently registered with Emerson Equity LLC.

Has passed the SIE, Series 3, Series 7, and Series 63 exams.

Was previously registered with firms that include Concorde Investment Services, LLC, Pacific West Securities, Inc., and Brookstreet Securities Corporation.

Kurta Law Can Help

If you have worked with Robert Smith and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. A securities attorney can help you assess potential causes of action and determine whether your losses may be recoverable through FINRA arbitration or other avenues. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

Helpful resources:  | Regulation Best Interest | Why is There No Broker Fiduciary Duty?

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