Client Alleges Fraud in Dispute with Scott Oliphant

Scott Oliphant (CRD #: 4551455), a broker registered with Cetera Advisors, allegedly engaged in fraud and other misconduct, according to his BrokerCheck record, accessed on March 23, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On January 20, 2023, an investor alleged that Scott Oliphant sold them an unsuitable real estate investment trust (REIT) and overconcentrated their assets in it.

The client further alleged that, in connection with this sale, Scott Oliphant engaged in common law fraud, breached his contract, and engaged in negligence (including negligent misrepresentation and omission). The dispute also alleges negligent supervision.

The client seeks $100,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their tax status, risk tolerance, and age.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent tactics to influence the purchase and sale of securities. The misrepresentation or omission of facts related to an investment’s features, requirements, or limitations violates this rule.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems over their employees in order to identify and prevent violations of securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.

What are REITs?

Real estate investment trusts (REITs) own and maintain a portfolio of real estate properties. Investors get to generate returns without taking on the cost and responsibility of managing the properties themselves. However, the lack of liquidity associated with REITs makes them unsuitable for many investors.

What qualifies as broker negligence?

Brokers may act in many negligent ways. Examples include recommending unsuitable investments, misrepresenting or omitting information, and engaging in excessive or unauthorized trading.

Investors who have lost money through broker negligence may be able to recover their funds by seeking out FINRA arbitration.

Background Information

Scott Oliphant has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Scott Oliphant is a registered broker in 12 states and a registered investment adviser in Indiana.

He has also worked for the following firms:

• Creative Financial Designs (CRD#:109032)
• CFD Investments (CRD#:25427)
• Raymond James Financial Services (CRD#:6694)
• Edward Jones (CRD#:250)

Kurta Law Can Help

If you worked with Scott Oliphant and you have concerns about your investments, contact a New York investment fraud lawyer today for a free case evaluation. Call (877) 600-0098 or email info@kurtalawfirm.com.   

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 and 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.