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

Scott Riley was a New Hampshire based securities broker. He worked in the securities industry for eleven years. During his career, he was registered with just two different securities firms.

His Registrations

  • Waddell & Reed (2006)
  • Edward Jones (2006-2017)

The Allegations

In August 2019, Scott Riley was officially sanctioned by FINRA. The findings in this matter state that he executed unauthorized trades in a customer’s account by selling two mutual fund positions and using the proceeds to purchase a different mutual fund position. Due to these alleged actions, he was suspended by FINRA from acting as a securities broker in any fashion for a period of three months.

What Does This Mean?

Securities brokers are required to obtain their customers’ authorization before executing trades on their behalf. This is because investors are entitled to have final say on what they are ultimately invested in. One of the reasons that brokers like Scott Riley sometimes execute trades without their customers’ authorization is because the trade was highly unsuitable.

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 Riley, please contact Oakes & Fosher for a free and private consultation.