Rick Shaw: $1.5mm Complaint Against Lincoln Financial Advisor

Scottsdale, Arizona financial advisor Rick Shaw (CRD# 1870018) has received multiple investor complaints alleging that he recommended unsuitable investments in real estate and oil and gas products. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Lincoln Financial Advisors Corporation.

Mr. Shaw’s BrokerCheck report discloses 10 investor complaints. One of the most recent, filed in February 2024, alleges that as a representative of Lincoln Financial Advisors, he sold an unsuitable oil and gas investment. The pending complaint alleges damages of $1.5 million.

A second investor complaint, also filed in February 2024, similarly alleges that he recommended an unsuitable oil and gas product while a representative of Lincoln Financial Advisors. The pending complaint alleges damages of $25,000.

His BrokerCheck report discloses six investor complaints filed in 2022 that alleged unsuitable investment recommendations, including oil and gas and real estate products. The complaints reached settlements of $26,086.80, $200,000, $55,064.72, $496,926.52, $140,000, and $70,000.

Another disclosure on his BrokerCheck report concerns a sanction by the Kansas Insurance Department. Filed in 2020, it states that the Department suspended his Life, Heath, Variable insurance license after he was late in paying the renewal fee. The license was suspended for 16 days, the disclosure states, and reactivated after he paid the fee.

According to the Financial Industry Regulatory Authority, Rick Shaw holds 35 years of securities industry experience. Based in Scottsdale, Arizona, he has been registered as a broker and an investment advisor with Lincoln Financial Advisors Corporation since 1998 and 1999, respectively. His past registrations include the Lincoln National Life Insurance Company (2001-2006) and Cigna Financial Advisors (1988). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 21 state licenses. (Information current as of June 1, 2024.)

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