Scott Valentine Allegedly Purchased Unsuitable Variable Annuity for Client

Scott Valentine (CRD #: 2334877), a broker registered with Citigroup Global Markets, allegedly purchased an unsuitable investment for a client, according to his BrokerCheck record, accessed on June 16, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On March 27, 2017, an individual with power of attorney over a client filed a dispute alleging that Scott Valentine purchased an unsuitable variable annuity for the client in June 2015.

The dispute further alleged that misconduct occurred between June 15, 2015, and December 12, 2016. The firm denied the dispute.

Investors should know, however, that firms can deny disputes without an outside review. Investors may be able to recover their losses by pursuing FINRA arbitration following a denial.

FINRA Rule 2111

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

Investors who rely on brokers for investment recommendations can potentially recover their losses by seeking out FINRA arbitration.

What are Variable Annuities?

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

Scott Valentine has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Scott Valentine is a registered broker in Arizona, Connecticut, Florida, and New York. He is also a registered investment adviser in New York.

He has also worked for the following firms:

• LPL Financial (CRD#:6413)
• Capital One Advisors (CRD#:136865)
• Capital One Investing (CRD#:45744)
• Capital One Financial Advisors (CRD#:127236)
• Capital One Investment Services (CRD#:25658)
• MetLife Securities (CRD#:14251)
• Ameriprise Financial Services (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)
• Credit Lyonnais Securities (USA) (CRD#:190)

Kurta Law Can Help

If you worked with Scott Valentine and you 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 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.