RBC Stockbroker Terminated For Unauthorized Trading
Scott David Fergang of Paramus New Jersey a stockbroker formerly employed by RBC Capital Markets LLC has been terminated from employment on June 19, 2019 founded on allegations that trades were facilitated by the stockbroker on a discretionary basis without the stockbroker obtaining written permission from customers or the securities broker dealer. Fergang violated RBC Capital Market’s Time and Price Discretion Policy.
This is not the first time that Fergang has faced accusations of bad sales practices in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on February 19, 2019, a customer initiated investment related complaint regarding Fergang’s conduct was resolved for $51,286.00 in damages supported by accusations that the customer had been placed into bad mutual funds during the time that Fergang was associated with RBC Capital Markets. According to the claim, from 2012 to 2017, Fergang’s mutual fund transactions were not suitable and had caused the customer to pay more in front-end sales charges than the customer would have paid with breakpoint discounts.
Fergang was registered with RBC Capital Markets between March 7, 2003 and June 19, 2019. Since July 29, 2019, he has been registered as a stockbroker and investment advisor representative of Stifel Nicolaus Company.