There are options for customers of Arque Capital, Ltd. broker Timothy Scanlon (CRD# 1968597) who lost money investing in alternative investments. He has been registered with Arque Capital, Ltd. in Scottsdale, Arizona since 2008.
Previously, he was registered with Fox & Company Investments Inc. in Scottsdale, Arizona from 1997 to 2008 and with Prudential Securities Incorporated in New York, New York from 1995 to 2997, when he was terminated regarding, “Violating the firm`s books and records policy.”
Timothy Scanlon Customer Complaints
He has been the subject of seven customer complaints between 1994 and 2022, according to his CRD report. The most recent complaints are regarding:
September 2022. “Claimant has purchased a number of GWG products since 2011. GWG filed Chapter 11 bankruptcy as a debtor in possession in April 2022. Claimant files this claim against Respondent Arque for a number of causes of action including but not limited to breach of fiduciary duty, breach of contract, negligence and violation of various state and federal securities laws. Claimant files this claim against Respondents Kuwabara, Ning and Scanlon for control person liability. Respondents deny all allegations in their entirety.” The customer is seeking $1.7 million in damages and the case is currently pending. The complaint was regarding alternative investment losses.
September 2022. “Violations of federal securities laws; violations of Securities Act of Arizona; violations of Arizona Consumer Fraud Act; violations of California securities laws; California unfair, unlawful and fraudulent business practices; breach of contract; common law fraud; breach of fiduciary duty; negligence and gross negligence.” The customer is seeking $281,000 in damages and the case is currently pending. The complaint was regarding alternative investment losses.
August 2022. “Breach of contract, warranties and promissory estoppel; violation of state securities statutes; breach of fiduciary duty; claims under common law; vicarious liability.” The customer is seeking $50,000 in damages and the case is currently pending. The complaint was regarding alternative investment losses.
April 2022. “Claimant alleges, among other things, failure to supervise, failure to conduct due diligence, unsuitable investment, which resulted in the alleged damages. Alleged investment was consistent with Claimant’s investment objectives and risk tolerance. Claimant’s allegations are without merit. Respondents deny all liability.” The customer is seeking $100,001 in damages and the case is currently pending. The complaint was regarding units of membership interests in private placements.
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, Arque Capital, Ltd. may be liable for investment or other losses suffered by Timothy Scanlon’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.