Jesse Kovacs Suspended By FINRA For Allegedly Participating In Private Securities Transactions

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Scott Simpson. According to his publicly available FINRA BrokerCheck report, John Scott Simpson has been the subject of multiple customer disputes.

John Scott Simpson was a Maryland based securities broker. He worked in the securities industry for thirty-five years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Painewebber Incorporated (1980-1992)
  • UBS Painewebber (1992-2003)
  • Ferris, Baker Watts (2003-2009)
  • RBC Capital Markets (2009-2016)

The Allegations

  • In February 2016, customers alleged that John Scott Simpson engaged in unauthorized trading. This case was settled for $20,285 in damages.
  • In August 2016, customers alleged that John Scott Simpson concentrated their portfolio in energy and metal securities. According to the customers, these investments were unsuitable given their age and risk tolerance. This case was settled for $175,000 in damages.
  • In September 2017, more customers alleged that John Scott Simpson over-concentrated their account in unsuitable securities. This case was settled for $250,000 in damages.
  • In July 2018, a customer alleged that John Scott Simpson executed unauthorized trades in their account, made unsuitable transactions, and misrepresented the performance of the account. This case was settled for $27,500 in damages.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with John Scott Simpson, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.