There are options for customers of Spire Securities, LLC broker Scott Aabel (CRD# 1493667) who is accused of GWG Holdings Inc. L bonds losses. He has been registered with Spire Securities, LLC in Osprey, Florida since 2016. Previously, he was registered with Investors Capital Advisory and Investors Capital Corp. in Nokomis, Florida from 2016 to 2018 and also with Sagepoint Financial, Inc. in Nokomis, Florida from 2013 to 2016.
In September 2012, the Florida Office of Financial Regulation, Division of Securities sanctioned him to pay a $70,000 civil and administrative penalty and fine and $100,000 in restitution following allegations that he was in “violation of section 517.161(1)(h), florida statutes, rule 69w-600.013(1)(h)1.,(2)(h), Florida administrative code, and NASD conduct rule 2110 and FINRA conduct rule 2010.”
In September 2016, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and he was suspended for 30 days related to his failure “to timely amend his Form U4 to reflect reportable events. The findings stated that while associated with a member firm, Aabel entered into separate arrangements pursuant to which he settled the amounts due and owed on credit cards by entering into compromises with the credit card companies. Aabel did not disclose the compromises with the credit card companies to the firm, and he also did not update his Form U4 to reflect the compromises.”
Scott Aabel Customer Complaints
He has been the subject of 12 customer complaints between 2002 and 2022, five of which were denied and one was closed without action and one was withdrawn, according to his CRD report. The most recent complaints were regarding:
June 2022. “Unsuitable investment recommendation. Client invested a total of 300000 during 2020 and 2021 in GWG L-Bonds.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint took place while he was registered with Spire Securities, LLC, Sagepoint Financial, Inc., and Investors Capital Corp. and it was regarding variable annuities and direct investments.
June 2021. “Claimant alleges that he was given poor advice regarding withdrawals from an annuity and that alternative investments were recommended that did not meet the client’s needs and objectives.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint took place while he was registered with Spire Securities, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Spire Securities, LLC may be liable for investment or other losses suffered by Scott Aabel’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.