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Former Raymond James and Moors & Cabot Broker Scott Sibley Under Investigation for Unauthorized Trading

Silver Law Group continues to investigate investor claims against former Raymond James & Associates and Moors & Cabot broker Scott Sibley (CRD# 1523981) for various claims, including unauthorized trading.

Scott Sibley has 27 Disclosures on his FINRA BrokerCheck Report

Silver Law Group has been investigating customer claims against Sibley for over a year now.

Sibley has a litany of disclosures on his FINRA BrokerCheck report. In total, Sibley has 27 disclosures, with 21 of those disclosures coming in the last four years.

Most of Sibley’s disclosures are customer complaints and FINRA arbitration claims. The customer complaints allege various forms of securities misconduct, including unsuitability, negligence, unauthorized trading, excessive trading (churning), overconcentration, misrepresentation, breach of fiduciary duty, and breach of contract. Further, some of these customer complaints have been filed against Raymond James and Moors & Cabot alleging failure to supervise Sibley.

All 17 of Sibley customer complaints filed since 2015 have settled collectively for approximately $1.7 million.

Scott Sibley is Barred by FINRA From Acting as a Securities Broker

In addition to numerous customer FINRA arbitrations filed against Sibley, regulatory authorities have also taken action against the broker. FINRA suspended Sibley in September 2007 for failing to comply with a FINRA arbitration award or settlement agreement.

The Florida Office of Financial Regulation suspended and fined Sibley in September 2015 for placing unauthorized trades in customer accounts. The Florida Office of Financial Regulation’s suspension and fine occurred just a few months after Raymond James had discharged Sibley.

National-Securities-Corporation-broker-Saimir-Collaku-Short-Brokerage-Career-Ends-with-Permanent-Bar-from-FINRA-200x300Finally, in April 2017, FINRA permanently barred Sibley from the securities industry. Sibley consented to the findings that he placed approximately 900 securities purchases and sales in a customer’s two accounts without authorization and while utilizing margin.

Sibley allegedly concentrated many of his customers’ accounts in basic materials sector securities, precious metals, and rare earth mineral companies. In the 2017 FINRA regulatory action, FINRA fond that Sibley overconcentrated the customers’ accounts between 25 and 62 percent in these sectors.

Scott Sibley’s Employment at Raymond James & Associates and Moors & Cabot

Raymond James employed Sibley from 2007 to 2015. Raymond James terminated Sibley in 2015 after the brokerage firm received multiple customer complaints alleging unauthorized trading and improper use of time and price discretion.

Contact Silver Law Group if You’ve Invested with Scott Sibley

If you’ve lost money investing with Scott Sibley, Raymond James & Associates, and/or Moors & Cabot, we may be able to help you recover your losses. Contact our firm today to learn how we can try to recover your losses. We work on a contingency fee, meaning if we don’t recover money you owe us nothing. Our lawyers have extensive experience in claims against banks, accountants and financial advisors who aid or assist in fraud.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.

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