Former Peoria, Arizona financial advisor Scott Taubman (CRD# 4809824) was recently sanctioned and suspended in connection with alleged rule violations....
Read MoreUSCA Advisor Derek Su Faces $2 Million Investor Complaint
A recent investor complaint against Austin financial advisor Derek Su (CRD# 4121574) alleges that his conduct resulted in damages of more than $2 million. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with USCA Securities and US Capital Wealth Advisors, respectively.
Mr. Su’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2023, alleges that as a representative of USCA Securities, he “failed to properly structure [the customers’] accounts to meet their retirement goals,” acted negligent and grossly negligent, failed in his supervisory responsibilities, and breached his fiduciary duty in connection to investments in variable annuities, common and preferred stock, options, and private placements. The pending complaint alleges damages of $2.2 million.
In a statement included with the pending complaint’s disclosure, Mr. Su defended himself against the allegations. “The client is a sophisticated investor,” he wrote, “and all transactions were discussed and agreed to.”
According to the Financial Industry Regulatory Authority, Derek Su holds 13 years of securities industry experience. Based in Austin, Texas, he has been a broker with USCA Securities since 2014 and an investment advisor with US Capital Wealth Advisors since 2021. His past registrations include USCA RIA (Austin; 2014-2021), Wells Fargo Advisors (Austin; 2010-2014), and WMA Securities (Duluth, Georgia; 2001). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, Arkansas, California, Florida, Hawaii, Louisiana, Maryland, Massachusetts, Missouri, New Mexico, Texas, Utah, Virginia, and Washington. (Information current as of July 16, 2023.)
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.
