According to records maintained by the Financial Industry Regulatory Authority (FINRA), Denver, Colorado and Pleasant Grove, Utah broker and investment...Read More
Scott Kaup: Complaint Against Summit Advisor Settles for $998,000
Investor complaints against Nebraska-located Summit Brokerage Services broker and investment adviser Scott Kaup (CRD# 1002907) describe activity including unsuitable recommendations, due diligence failures, material misrepresentations, fraud, and more. These complaints include one that settled for $998,000. Mr. Kaup is employed with Summit Brokerage Services in Stuart, Nebraska, where he has been employed since 2016, according to information drawn from Financial Industry Regulatory Authority records.
Scott Kaup allegedly recommended unsuitable direct investments and real estate securities, failed in his supervisory due diligence responsibilities, and provided misrepresentations and omissions regarding the investments, according to a pending 2019 customer complaint concerning his employment at VSR Financial Services. The claimant alleges damages of $450,000.
Scott Kaup allegedly recommended unsuitable real estate securities and direct investments, while providing factual misrepresentations, omitting information, and failing in his supervisory responsibilities, according to a 2018 customer complaint concerning his employment at VSR Financial Services. That complaint reached a June 2019 settlement of $998,000. He wrote a comment on the disclosure which partially states: “When the recession impacted real estate values and the investments did not perform as hoped, the customer sought restitution. I agreed to settle this dispute only to avoid the ongoing time and potential legal costs involved and was released of all claims.”
Kaup also allegedly engaged in fraud, was negligent in his duties as a broker, violated his fiduciary duty to act in the best interests of his customer, and advised investments in unsuitable securities, including oil and gas investments and real estate products, according to a 2016 customer complaint concerning his conduct at VSR Financial Services. That complaint reached a settlement of $173,000. He wrote a comment on the disclosure which partially states: “When the investments did not perform as hoped, the customer sought restitution. A settlement agreement was signed and I was released from all claims. I agreed to settle this dispute only for the purpose of avoiding ongoing time and potential expense.”
Scott Kaup’s current registration, with Summit Brokerage Services in Stuart, Nebraska, began in September 2016. His employment history includes VSR Financial Services, American General Securities, WZW Financial Services, and St. Paul Investors. His 21 state securities registrations include Arizona, Arkansas, California, Illinois, Iowa, Nebraska, New York, North Dakota, Tennessee, Texas, Virginia, and Washington. He has passed five securities industry qualification examinations. (Information current as of August 7, 2019.)