Scott Oliphant: $100K REIT Complaint Against Integrity Wealth Advisor

Columbus, Indiana financial advisor Scott Oliphant (CRD# 4551455) allegedly recommended an unsuitable real estate investment trust (REIT), according to a recent investor complaint. Records provided by the Financial Industry Regulatory Authority indicate that the Cetera Advisors representative is the owner and president of Integrity Wealth Management.

Mr. Oliphant’s BrokerCheck report discloses one investor complaint. Filed in January 2023, it alleges that as a representative of CFD Investments, he recommended an unsuitable REIT that over-concentrated the customer’s assets. The complaint alleges further that he breached his fiduciary duty, breached contract, acted negligent, negligently misrepresented or omitted material facts, committed common law fraud, and was negligent in his supervisory duties. The pending complaint alleges damages of $100,000.

In a statement included with the pending complaint’s disclosure, Mr. Oliphant writes that the complaint is based on alleged losses for an investment “that, though illiquid, has not lost value, and instead has produced income for the client of approximately 20% of the value of the underlying investment.” He states further that the investment “was a portion of an otherwise well managed and liquid portfolio, and reflects the only illiquid portion of the portfolio at the time of the purchase.” In conclusion, he writes: “The asset was sold as an income producing asset, and the client did not have a liquidity need with respect to that portion of the portfolio.”

According to the Financial Industry Regulatory Authority, Scott Oliphant holds 20 years of securities industry experience. Based in Columbus, Indiana, he has been a broker and an investment advisor with Cetera Advisors since 2019. He is the founder, owner, and president of Integrity Wealth Management. His past registrations include CFD Investments (Columbus, Indiana; 2005-2019), Raymond James Financial Services (St. Petersburg, Florida; 2005), and Edward Jones (St. Louis, Missouri; 2002-2004). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; 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 is licensed in Alabama, Indiana, Kentucky, Maine, Michigan, Missouri, Montana, North Dakota, Ohio, Pennsylvania, Tennessee, and Wisconsin. (Information current as of March 9, 2023.)

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