Last Updated: February 2024 (Portland, Oregon)
Scott Sadar Investigation Summary
Here’s what you need to know about Portland, OR, stockbroker Scott Sadar:
- Name: MR. Scott Michael Sadar
- Current Employer: Somerset Securities
- DBA: Somerset Wealth Strategies
- Previous Firms: Raymond James Financial Services
- Function: Stock Broker/ Financial Advisor
- Aliases: Scott Sadar
- Primary Location: Portland, OR
- CRD 4238459
- Can Scott Sadar be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Pending Customer Dispute Seeks Damages of $500,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Scott Sadar As Your Stockbroker?
In 9/2023 a customer of Somerset Securities filed a FINRA arbitration alleging that Scott Sadar made an unsuitable recommendation to purchase iCap Equities private placement causing losses of $500,000. This matter is currently pending.
iCap Enterprises Files for Bankruptcy
iCap Equity is a Regulation D private placement that is not required to be registered with the U.S. Securities and Exchange Commission. Reg D private placements are generally not suitable for unsophisticated or conservative investors. In September 2023 iCap Enterprises, and the funds listed below, filed for Chapter 11 Bankruptcy protection in the District Court in and for the Eastern District of Washington.
ICap Companies:
- 725 Broadway LLC
- ICap@UW LLC
- iCap Broadway LLC
- iCap Campbell Way LLC
- iCap Enterprises Inc. formerly, Altius Development
- iCap Equity LLC
- iCap Funding LLC
- iCap Investments LLC
- iCap Management LLC
- iCap Northwest Opportunity Fund LLC
- iCap Pacific Income 4 Fund LLC
- iCap Pacific Income 5 Fund LLC
- iCap Pacific Northwest Opportunity and Income Fund LLC
- iCap Pacific NW Management LLC
- iCap Realty LLC
- iCap Vault LLC
- iCap Vault Management LLC
- iCap Vault I LLC
- Senza Kenmore LLC
- UW 17th Ave LLC
- Vault Holding I LLC
- VH 1121 14th LLC
- VH 2nd Street Office LLC
- VH Pioneer Village LLC
- VH Senior Care LLC
- VH Willows Townhomes LLC
Investors who purchased any of the iCap funds through a brokerage firm or financial professional can seek recovery of losses by pursuing the claim in FINRA arbitration.
Allegations of Broker Misconduct Against Scott Sadar
Customers of Scott Sadar have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to Purchase iCap Equities private placement
Private Placements under Reg D: What is a Private Placement? According to the U.S. Securities and Exchange Commission (SEC):
“Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. Offerings exempt from the SEC’s registration requirements pursuant to Securities Act Section 4(a)(2) or its safe harbor under Regulation D of the Securities Act are often referred to as private placements.”
The SEC warns that unregistered offerings may be utilized to conduct investment scams and that investors should have the ability to weather a total loss in these illiquid investments. See this SEC Investor Alert about red flags to watch out for in unregistered offerings.
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.
Recover Your Investment Losses Now With Rex Securities Law
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
If you have suffered investment losses in an account handled by Scott Sadar, 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.