Scott Phillips Subject of Multiple Suitability Disputes
Scott Phillips (CRD #: 1311907), a broker registered with Centaurus Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on May 10, 2024. Keep reading if you have questions regarding his alleged conduct.
On April 22, 2024, an investor alleged that Scott Phillips recommended an unsuitable, high-risk investment and breached his fiduciary duty. The investor is seeking $68,000.
On April 16, 2024, an investor alleged that Scott Phillips recommended unsuitable, high-risk investments. The investor is seeking $100,000.
In a similar dispute dated March 25, 2024, an investor is seeking $120,300.
What is an Unsuitable Investment?
FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:
- Age
- Risk tolerance
- Time horizon (i.e., how long the investor plans to hold the investment)
- Investing experience
- Tax status
- Financial goals
Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.
Background Information
Scott Phillips 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
- Series 24 General Securities Representative Examination
He is a registered broker in 13 states and is a registered investment adviser in five.
During his 38 years of experience, he has registered with 12 firms. These are the five most recent:
- Centaurus Financial (CRD #: 30833)
- Stuart Securities Corp. (CRD #: 47076)
- W.H. Stuart Investment Advisory Corporation (CRD #: 127882)
- ING Financial Partners (CRD #: 2882)
- Locust Street Securities (CRD #: 1703)
Kurta Law Can Help
If you have worked with Scott Phillips and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.