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

Scott Goldman was an Illinois-based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Amev Investors (1987-1988)
  • PW Securities (1988)
  • Mutual Service Corporation (1988)
  • Oak Brook Securities Corp. (1988-1992)
  • FFP Securities (1992-2002)
  • Waterstone Financial Group (2002-2009)
  • LPL Financial Corporation (2009)
  • H. Beck, Inc. (2010-2016)
  • Cambridge Investment Research (2016)

The Allegations 

  • In June 2012, a customer accused Scott Goldman of making misrepresentations and omissions concerning their account. This case was settled for $20,000 in damages.
  • In December 2012, a customer alleged that Scott Goldman made unsuitable investments on their behalf between November 2009 and November 2012. This case was settled for $114,000 in damages.
  • In October 2014, a customer alleged that Scott Goldman recommended unsuitable investments, made material misrepresentation, and breached his fiduciary duty concerning the recommendation to hold a VUL. This case was settled for $75,000 in damages.
  • In December 2016, Scott Goldman was officially sanctioned by FINRA. The findings in this matter state that he recommended an unsuitable investment strategy to an elderly customer. The unsuitable nature was due to the fact that it over-concentrated her portfolio in risky, leveraged precious metal products. Due to these alleged actions, he was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of twenty days.

What Does This Mean?

Less than scrupulous securities brokers may often target more vulnerable individuals when perpetrating their financial misdeeds. This includes the elderly population. These individuals often rely heavily on their securities broker to handle their accounts in a fashion suitable for them. Securities brokers like Scott Goldman may take advantage of this trust and use the opportunity to manage their elderly client’s account in a way that is beneficial to them (the broker) but detrimental to the customer. This is also known as financial elder abuse and is a real problem for many investors.

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 Scott Goldman, 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.