Scott Offerman Allegedly Breached His Fiduciary Duty

Scott Offerman (CRD #: 4619093), a broker registered with TCFG Wealth Management, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 31, 2023. Keep reading for more details.

On August 22, 2023, an investor alleged that Scott Offerman breached his fiduciary duty and engaged in negligence. They further alleged a violation of the New York Consumer Protection Statute and engaged in unjust enrichment. The investor is seeking $1,000,000. 

New York Consumer Protection Statute 

The statute states that New York prohibits the “deceptive or unconscionable trade practices in the sale, lease, rental, or loan, or in the offering for sale, lease, rental, or loan of any consumer goods and services, or in the collection of consumer debts.”

Fiduciary Duties

FINRA-registered Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Investors who believe their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Employment Separation 

Scott Offerman was permitted to resign from Concorde Investment Services following allegations that he failed to disclose reportable liens in a timely manner. 

Background Information 

Scott Offerman has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 22 Direct Participation Programs Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 26 states.

During his 18 years of experience, he has registered with six firms: 

• TCFG Wealth Management (CRD #: 164153) 
• Nextrend Securities (CRD #: 43710) 
• Sandlapper Securities (CRD #: 137906)
• Concorde Investment Services (CRD #: 151604) 
• Park Avenue Securities (CRD #: 46173) 
• MML Investors Services (CRD #: 10409) 

Kurta Law Can Help

If you worked with Scott Offerman and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.