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Scott Reed: Complaints Against Philadelphia Financial Advisor
Settled and pending investor complaints against Philadelphia, Pennsylvania broker Scott Reed (CRD#: 2213108) allege conduct including suitability violations, fraud, inadequate due diligence, misrepresentations, breach of fiduciary duty, and more. Reed is a representative of FS Investment Solutions, according to information drawn from Financial Industry Regulatory Authority records.
A pending 2018 complaint alleges that Scott Reed failed to conduct adequate due diligence, failed to fully disclose risks, and recommended unsuitable alternative investments. The complaint alleges damages of $268,000.
A pending 2018 complaint alleges that Scott Reed sold unsuitable investments in BRS Labs and “continuously misrepresented” the investments’ value. The complaint alleges damages of $367,000.
A pending 2018 complaint alleges that he sold unsuitable investments and made false statements. The complaint alleges damages of $1,219,034.
A 2018 complaint alleged that he recommended unsuitable alternative investments, failed to conduct due diligence, and misrepresented and omitted material facts. The complaint reached a settlement in 2019 of $395,000.
A 2017 complaint alleged that he sold unsuitable investments in BRS and Digonex. The complaint reached a settlement of $70,000.
A 2017 complaint alleged that he made unsuitable recommendations of BRS stock. The complaint reached a settlement of $50,000.
A 2017 complaint alleged that he committed securities fraud, recommended unsuitable investments, acted negligently, breached contract, breached his fiduciary duty, and violated FINRA rules and Texas securities law. The complaint reached a settlement of $400,000.
Scott Reed has been registered as a broker with FS Investment Solutions in Philadelphia, Pennsylvania since 2016. His employment history includes David A. Noyes & Company in Indianapolis, Indiana. He currently holds two state licenses and has passed four securities industry qualification examinations.