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Scott Sadar is the Subject of an iCap Private Placement Dispute

Scott Sadar (CRD #: 4238459), a broker registered with Somerset Securities, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on December 8, 2023. Details are provided below. 

On September 8, 2023, an investor alleged that Scott Sadar made an unsuitable recommendation of an iCap Equities private placement. iCap has since filed for bankruptcy. The investor is seeking $500,000. 

What is a Private Placement? 

Private placements are securities that do not trade on a public exchange, making them high-risk and illiquid. These types of investments are not suitable for most investors. 

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 Sadar has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 
  • Series 24 General Securities Principal Examination 

He is a registered broker in eight states. 

During his 21 years of experience, he has registered with seven firms: 

  • Somerset Securities (CRD #: 2493) 
  • Somerset Wealth Management (CRD #: 170213) 
  • Raymond James Financial Services (CRD #: 6694) 
  • Raymond James Financial Services Advisors (CRD #: 149018) 
  • MetLife Investors Distribution Company (CRD #: 107622) 
  • MetLife Investors Distribution Company (CRD #: 6695) 
  • Jackson National Life Distributors (CRD #: 40178) 

Kurta Law Can Help 

If you have worked with Scott Sadar and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.