Investors Bring FINRA Arbitration Claims Against Lucia Securities For Misrepresentation

Scot Samuel Fairchild (also known as Scott Samuel Fairchild) of Henderson Nevada and San Diego California a stockbroker formerly registered with Lucia Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $214,335.00 in damages supported by allegations that Nevada securities laws had been violated in reference to Fairchild’s stock, mutual fund and real estate securities transactions at Lucia Securities. FINRA Arbitration No. 19-03698 (Dec. 23, 2019).

According to the claim, the customer was directed to invest in illiquid and risky investments because of the stockbroker. These investments were allegedly unsuitable and misrepresented by the stockbroker. The claim also alleges that a fiduciary duty that was owed to the customer had been breached and that Fairchild’s negligence resulted in the customer’s losses.

This is not the first time that Fairchild has been the subject of a customer dispute in regard to his alleged misconduct. On October 31, 2019, a customer initiated investment related arbitration claim concerning Fairchild’s conduct was resolved for $175,000.00 in damages founded on accusations that the Lucia Securities customer had been advised by Fairchild to invest in real estate investment trusts which were not appropriate for the customer. The claim also alleges negligence and the breach of both contractual and fiduciary obligations to the customer.

Fairchild was employed by Lucia Securities as a stockbroker between August 1, 2012 and September 4, 2020 and was employed by Lucia Capital Group as an investment adviser representative between August 28, 2012 and September 4, 2020. Since September 9, 2020, he has been registered as a stockbroker and investment adviser representative of LPL Financial.