Rodney Scott: Birmingham Cetera Advisor Had UIT Complaint

Birmingham, Alabama financial advisor Rodney Scott (CRD# 5681912) recently received an investor complaint alleging he provided misleading advice regarding a unit investment trust (UIT) product. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cetera Investment Services and Cetera Investment Advisors, respectively.

Mr. Scott’s BrokerCheck report discloses one investor complaint. Filed in May 2022, the complaint alleged that as a Cetera representative, he misrepresented material information regarding a unit investment trust. The complaint alleged unspecified damages and was denied by the firm.

Misrepresentation denotes instances in which a broker provides of false information regarding an investment or investment strategy. A broker may engage in fraudulent misrepresentation, in which the misleading information is provided with the intent of deceiving the customer into making an investment, or they may engage in negligent misrepresentation, in which they provide the misleading information as a result of carelessness. Common misrepresentations include those regarding an investment’s risk: for example, a representative might describe a risky product as safe and conservative. Investors who suffer losses investing in products or strategies that were misrepresented may be able to bring a claim against their broker. 

According to the Financial Industry Regulatory Authority, Rodney Scott holds 13 years of securities industry experience. Based in Birmingham, Alabama, he has been a broker and an investment advisor with Cetera Investment Services and Cetera Investment Advisors, respectively, since 2019. His past registrations include Ameriprise Financial Services (Gadsden, Alabama; 2018-2019), Investment Professionals (Gadsden, Alabama; 2016-2018), Merrill Lynch (Gadsden, Alabama; 2016), and Edward Jones (Rainbow City, Alabama; 2009-2016). His credentials include the passage of three securities industry examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. (Information current as of September 1, 2022.)

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