Scott Smith of Smith Wealth Partners: Did Borrowing Money Break FINRA Rules?
Scott Smith (CRD #: 4522269), a broker registered with J.W. Cole Financial in Huntington Beach, California, is the subject of a FINRA investigation. This is according to his BrokerCheck record, accessed on September 1, 2021. (Investors may know Scott Smith through Smith Wealth Partners.) There are two other related disclosures on his record – keep reading for more detail.
On March 30, 2020, an investor alleged that Scott Smith of J.W. Cole Financial borrowed money. The dispute settled for $33,850. Brokers are only allowed to borrow money from their investors under a limited number of circumstances, such as when the investor is the broker’s immediate family member.
Following the investor dispute, Edward Jones fired Scott Smith for allegedly borrowing money from a client.
On August 2, 2021, FINRA initiated an investigation into the allegations that Scott Smith borrowed money without meeting FINRA requirements. FINRA further alleged that Scott Smith misrepresented to his member firms that he had not borrowed funds from a customer.
Scott Smith Background Information
Scott Smith has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is a registered broker and investment adviser in California. Scott Smith is also a broker in New Mexico.
Scott Smith has registered with the following firms:
- W. Cole Financial
- W. Cole Advisors
- Edward Jones (CRD #: 250)
Kurta Law Can Help
If you worked with Scott Smith and you have concerns about your investments, contact Kurta Law today. Call 877-600-0098 or email firstname.lastname@example.org.