Wells Fargo Terminates Stockbroker For Selling Away
Scott Wayne Reed of Scottsdale Arizona a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been terminated on April 7, 2020 founded on accusations of him advising customers of Wells Fargo Advisors to purchase investments that were neither offered nor approved by the securities broker dealer. According to Wells Fargo, customers’ investment transactions were facilitated by Reed outside of its auspices.
Reed has been identified in three customer initiated investment related disputes pertaining to allegations of his misconduct while employed by securities broker dealers including Fidelity Brokerage Services LLC, Coastal Equities Inc. and Wells Fargo. Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that a customer filed an investment related complaint pertaining to Reed’s conduct in which the customer requested $9,000.00 in damages supported by allegations that mutual fund recommendations made by Reed were in no way suitable for the Fidelity Brokerage Services customer.
Reed is the subject of another customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on accusations that the customer received bad investment advice from Reed concerning oil and gas and over-the-counter equities transactions that were effected in the customer’s retirement account during the time that Reed was associated with Coastal Equities. FINRA Arbitration No. 17-03293 (Dec. 18, 2017). The claim also alleges that the customer’s retirement portfolio lacked diversification because of Reed which resulted in the customer experiencing unwarranted investment losses.
On March 23, 2020, a customer filed an investment related complaint involving Reed’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations of private securities transactions being recommended by Reed during the time that he was associated with Wells Fargo.
Reed was employed by Wells Fargo between April 11, 2016 and April 7, 2020. He became employed by First Financial Equity Corporation on April 7, 2020.