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Lucia Securities, LLC Broker Scot Fairchild Investment Loss Options

Posted on Monday, July 20th, 2020 at 7:34 pm    

Lucia Securities

There are options for customers who suffered investment losses due to recommendations by Lucia Securities, LLC broker Scot Fairchild (CRD# 2323211). Fairchild has been registered with Lucia Securities, LLC in Henderson, Nevada since 2012. 

Fairchild has been the subject of two customer complaints in 2019, according to his CRD report:

December 2019. “Customers [REDACTED] and [REDACTED] generally allege breach of fiduciary duty, misrepresentations and omissions, negligence and unsuitable investments in high risk, illiquid investments purchased between 09/2013 and 09/2014 and violation of Nevada Securities Laws.” The customer is seeking $214,335 in damages and the case is currently pending. The complaint took place while Fairchild was registered with Lucia Securities, LLC and was regarding common and preferred stocks, mutual funds, and real estate securities. 

January 2019. “Customer generally alleges breach of fiduciary duty, negligence, breach of contract, and unsuitable investment recommendations related to Real Estate Investment Trusts purchased between on or around 11/2013 and 09/2014.” The customer sought $500,000 in damages and the case was settled for $175,000. The complaint took place while Fairchild was registered with Lucia Securities, LLC and was regarding direct investments and common and preferred stocks. 

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, Lucia Securities, LLC may be liable for investment or other losses suffered by Fairchild’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.