Shay Scruggs: $1mm Complaint Against Rockefeller Advisor

Houston, Texas financial advisor Shay Scruggs (CRD# 4173046) recently received an investor complaint alleging that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Rockefeller Financial and an investment advisor with Rockefeller Capital Management.

Mr. Scruggs’ BrokerCheck report discloses three investor complaints. The most recent, filed in March 2026, alleges that as a representative of Rockefeller Financial, he recommended alternative investments that were not consistent with the customer’s investment profile. The pending complaint alleges damages of $1 million.

A second investor complaint, filed in 2023, alleged that as a Rockefeller Financial representative, he was responsible for poor performance in the customer’s accounts. In 2024 the complaint reached a settlement of $42,500.

A third investor complaint, filed in 2020, alleged that as a representative of UBS Financial Services, he recommended unsuitable investments that resulted in losses. In 2022 the complaint reached a settlement of $195,000.

Investors should be aware of the SEC’s “Regulation Best Interest,” a standard of conduct requiring advisors like Mr. Scruggs to recommend only investments and investment strategies that are in their clients’ best interests. Both broker-dealer firms and their registered representatives are beholden to a “Care Obligation,” per the regulation, under which they must “have a reasonable basis to believe that each recommendation or series of recommendations made is in the best interest of the particular retail customer and does not place their financial or other interests ahead of the interest of the retail customer.” Regulation BI states additionally that brokers and advisors must inform their customers of any potential conflicts of interests that might consciously or unconsciously result in them providing “advice that is not disinterested,” as FINRA explains. More information about these rules is available via FINRA.

According to the Financial Industry Regulatory Authority, Shay Scruggs holds 25 years of securities industry experience. Based in Houston, Texas, he has been registered as a broker with Rockefeller Financial and an investment advisor with Rockefeller Capital Management since 2020. His past registrations include UBS Financial Services, Deutsche Bank Securities, and Merrill Lynch. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the General Securities Representative Examination, or Series 7; and the Futures Managed Funds Examination, or Series 31. He is licensed in Arizona, Arkansas, California, Colorado, Delaware, the District of Columbia, Florida, Georgia, Louisiana, Massachusetts, New York, Ohio, Tennessee, and Texas. (Information current as of April 26, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.