Last Updated: November 2023 (Osprey, FL)
Scott Aabel Investigation Summary
Here’s what you need to know about Osprey, FL, stockbroker Scott Erik Aabel:
- Name: Mr. Scott Erik Aabel
- Current Employer: Spire Securities LLC, Spire Wealth Management (RIA)
- Previous Firms: Investors Capital Corp., Sagepoint Financial
- Function: Stock Broker/ Financial Advisor/Registered Investment Advisor
- Aliases: Scott Aabel
- Primary Location: Osprey, FL
- CRD 1493667
- Can Scott Aabel be sued in FINRA arbitration: Yes
- Sanctioned by FINRA and State regulator: Yes
- Discloses currently outstanding tax lien: Yes
- Highest Settlement or Award: $143,000
- Pending Customer Dispute Seeks Damages of $300,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Scott Aabel As Your Stockbroker?
Scott Aabel discloses 4 settlements with former customers, including:
- Two customers of Prime Capital Services were paid a total of $247,000 to resolve allegations that unregistered securities were not suitable.
- A customer of Spire Securities was paid $143,000 to settle a case alleging that GWG L-Bonds were unsuitable
Currently a customer of Sagepoint Financial & Spire Securities seeks damages of $300,000 and alleges that Scott Asbel gave poor advice regarding withdrawals from an annuity and that alternative investments did not meet the clients needs or objectives.
Seven other customers of Scott Aable made complaints but did not pursue them beyond receiving a ‘denial’ from the company.
In 2016 FINRA suspended Scott Aabel for 30 days and assessed a fine of $5,000 for failing to update his Form U4 to reflect compromises with some of his creditors.
In 2013 the Florida Office of Financial Regulation, Division of Securities sanctioned Scott Aable for violations related to the sale of JNL Variable Annuity. Aable was fined $70,000, costs of $26,175 and ordered to pay restitution of $100,000 to impacted investors.
Aable discloses currently outstanding liens in favor of the Internal Revenue Service totaling more than $1 million, filed in Sarasota County, FL.
Allegations of Broker Misconduct Against Scott Aabel
Customers of Scott Aabel have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to purchase GWG L-Bonds
- Sale of unregistered securities
- Misrepresented performance, surrender charges of annuity
- Poor advice regarding withdrawals from an annuity
- Unsuitable recommendation to invest in Alternative Investments
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Has Your Brokerage Firm “Denied” Your Claim for Damages Due to Stockbroker Malpractice?
It is quite common, as well as predictable, for brokerage firms to deny a customer’s complaint made directly to the company. Firms know that in many, if not most, instances telling the customer “we don’t think it’s our fault” will be an end to the problem. In other words, it’s generally a waste of your time to sit down with the office manager & the broker.
Firms seldom, if ever, offer any resolution when a customer deals directly with them, or if they do, will attempt to have you settle your case for a fraction of what it is actually worth.
We suggest that if you think there is a problem with the way your account has been handled, or if you have had your claim “denied”, talk to an experienced securities attorney.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Scott Aabel, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.