FINRA Bars Boca Raton-Based Broker Scott Allen Sibley from Participation in the Securities Industry
Allegations against former Moors & Cabot, Inc. broker include unauthorized trading, elder financial fraud, and unsuitability, among others
After 22 years in the financial advising and securities industry, the Financial Industry Regulatory Authority (FINRA) has barred Scott Allen Sibley from acting as a broker or otherwise associating with firms that sell securities. During his career, 23 disclosures were initiated against Sibley, according to his FINRA BrokerCheck report.
The most recent disclosure represents the end of Sibley’s career in the securities industry. According to the report, allegations include:
- Sibley effected about 900 securities purchases and sales in a customer’s two accounts without authorization, knowledge, or consent, also known as unauthorized trading.
- Sibley caused the customer to carry a margin balance without the customer’s authorization, knowledge, or consent.
- With respect to 10 customers – all senior investors that depended upon the accounts to fund their ongoing retirement – Sibley unsuitably recommended the purchase, sale, or exchange of interest in precious metals.
- “Sibley also recommended that at least three of the 10 customers further concentrate their accounts in precious metals securities by selling uncovered put option contracts in the sector, yet when the precious metals equities began to decrease in value, increasing the risk to the customers, Sibley continued making risky recommendations.”
- Putting his firm at risk for failure to supervise, Sibley effected at least 1,000 discretionary transactions in 14 accounts belonging to 10 customers without written discretionary authority and without the accounts being accepted by his member firm as discretionary.
Prior to his employment with Moors & Cabot, Inc. in Boca Raton, FL from March 2015 to February 2017, Scott Sibley was employed by:
- Raymond James & Associates, Inc. in Ft. Lauderdale, FL from November 2007 to March 2015
- Janney Montgomery Scott LLC in Ft. Lauderdale, FL from November 2000 to December 2007
- Salomon Smith Barney, Inc. in New York, NY from January 1998 to December 2000
- Prudential Securities Incorporated in New York, NY from November 1994 to January 1998
If you enlisted the services of broker Scott Sibley and have suffered losses as a result of this relationship, you may be able to recover some or all of your losses through securities arbitration.
Silver Law Group specializes in fighting for clients who have lost investments at the hands of brokers and financial advisors who have taken advantage of their positions. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in securities law arbitration cases to help them recover funds and get a sense of justice. We operate on a contingency-fee basis, so our team does not profit unless we recover your funds.
If you think that your investments have been mismanaged or if you are concerned because you worked with a broker like Scott Sibley, contact our team. We will sit down with you, listen to your story, and develop a plan to assess your situation and possible legal recourse.
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