Erez Law is currently investigating former Moloney Securities Co., Inc. broker Scott Lee (CRD# 4409541) related to GWG Holdings Inc. investment losses. He was registered with Ausdal Financial Partners, Inc. in Cold Springs, Minnesota, from 2019 to 2021. He was also registered with:
- Moloney Securities Co., Inc. in Cold Spring, Minnesota, from 2019 to 2021
- Cambridge Investment Research, Inc. in St. Cloud, Minnesota, from February to April 2016
- Dougherty & Company LLC in St. Cloud, Minnesota, from 2014 to 2015
- LPL Financial LLC in Bloomington, Minnesota, from 2013 to 2014
Scott Lee Customer Complaints
He has been the subject of eight customer complaints between 2021 and 2023, according to his CRD report:
June 2023. “Suitability/negligence. 2018.” The customer is seeking $500,000 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with Moloney Securities Co., Inc.
April 2023. “Suitability/negligence, 2018.” The customer is seeking $103,000 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with Moloney Securities Co., Inc.
April 2023. “Suitability/negligence. 2017.” The customer is seeking $150,000 in damages, and the case is currently pending. The complaint was regarding direct investments, and it took place while he was registered with Moloney Securities Co., Inc.
October 2022. “Unsuitable investments, Breach of fiduciary duty, Failure to supervise.” The customer sought $350,000 in damages, and the case was settled for $250,000. The complaint was related to GWG Holdings Inc. L Bonds investment losses, and it took place while he was registered with Ausdal Financial Partners, Inc.
September 2022. “Suitability, breach of duty, due diligence.” The customer is seeking $170,000 in damages, and the case is currently pending. The complaint was regarding real estate securities as well as GWG Holdings Inc. L Bonds GWG Holdings Inc. preferred stocks, Procaccianti Hotel REIT, and it took place while he was registered with Moloney Securities Co., Inc. and Ausdal Financial Partners, Inc.
September 2022. “Suitability/negligence.” The customer is seeking $500,000 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with Moloney Securities Co., Inc.
August 2022. “It is alleged that the Registered Representative made unsuitable recommendation(s).” The customer is seeking $260,000 in damages, and the case is currently pending.
April 2021. “Unsuitable investment.” The customer sought $82,000 in damages, and the case was settled for $32,800. The complaint was regarding direct investments, and it took place while he was registered with Moloney Securities Co., Inc.
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, Moloney Securities Co., Inc. may be liable for investment or other losses suffered by Scott Lee’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.
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