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Former Coastal Equities, Inc. Broker Scott Reed Investment Loss Options

Posted on Tuesday, July 14th, 2020 at 2:44 pm    

Coastal Equities

Were you the victim of former Coastal Equities, Inc. broker Scott Reed (CRD# 3007033)? Reed has been registered with First Financial Equity Corporation in Scottsdale, Arizona since April 2020. Previously, Reed was registered with Wells Fargo Clearing Services, LLC in Scottsdale, Arizona from 2016 to 2020, when he was terminated regarding, “Allegations that registered representative recommended and facilitated investment opportunities in investments sold away from and not offered by Wells Fargo Advisors.” Prior to that, Reed was registered with Coastal Equities, Inc. in Wilmington, Delaware from 2015 to 2016. 

Reed has been the subject of three customer complaints between 2010 and 2020, one of which was denied and one was closed without action, according to his CRD report:

December 2017. “The customers claim Mr. Reed recommended unsuitable investments and did not diversify their retirement portfolio.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint took place while Reed was registered with Coastal Equities, Inc. and was regarding equity OTC and oil and gas investments. 

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, Coastal Equities, Inc. may be liable for investment or other losses suffered by Reed’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.