• October 19, 2018
• Summit Brokerage Services
• Misrepresentation
• Unsuitability
• Unsuitable

The Wolper Law Firm, P.A. is currently investigating claims against Scott Kaup, a Financial Advisor at Summit Brokerage Services in Stuart, Nebraska. Scott Kaup has been in the securities industry since the 1980s and previously worked at VSR FInancial.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 31, 2018, a customer filed a complaint against Scott Kaup, alleging “CLIENT ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS, MATERIAL MISREPRESENTATIONS AND OMISSIONS, AND SUPERVISORY DUE DILIGENCE FAILURES.” The alleged damages are $2.6 million and the matter remains pending.

A second complaint was filed against Scott Kaup in 2016, alleging “unsuitable recommendations, Violation of common law fraud, breach of fiduciary duty, and negligence.” The matter was settled for $173,000.

A For a full copy of Scott Kaup’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1002907#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer Scott Kaup and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.