Scott Taubman: Ex-Ameriprise Advisor Suspended over Loans

Former Peoria, Arizona financial advisor Scott Taubman (CRD# 4809824) was recently sanctioned and suspended in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the former Ameriprise Financial Services has also received a pending investor complaint and is not currently registered with any broker-dealer firm.

A Letter of Acceptance, Waiver, and Consent (No. 2022076257601) issued in July 2024 describes FINRA’s disciplinary action against Mr. Taubman. As it explains, FINRA found that between November 2018 and June 2021, he borrowed a total of $62,500 from two senior customers who were not immediately family members, without documenting the terms of the loans, providing notice to Ameriprise, or receiving its approval. A subsequent investigation by the firm found that he had borrowed approximately $38,000 from the customers, who were close friends of his, before he joined the firm and they became his customers. FINRA’s findings state further that he did not repay the loans and that in a September 2022 bankruptcy filing he disclosed his debt as a “personal loan,” obtaining a discharge in December of that year. FINRA found that his conduct violated FINRA Rules 3240 and 2010, suspending him from associating with any member firm in all capacities for a period of four months.

Mr. Taubman’s BrokerCheck report discloses one investor complaint. Filed in December 2023, it alleges that as a representative of AllState Financial Services, he recommended an unsuitable variable annuity product. The pending complaint alleges unspecified damages.

According to the Financial Industry Regulatory Authority, Scott Taubman holds 18 years of securities industry experience. Most recently based in Peoria, Arizona, he was last registered with Ameriprise Financial Services from 2017 until 2022. His past registrations include AllState Financial Services (Phoenix, Arizona; 2008-2017), First Financial Equity Corporation (Scottsdale, Arizona; 2006-2008), and Morgan Stanley DW (Scottsdale, Arizona; 2004-2005). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is not at present licensed with any state or registered with any broker-dealer firm. (Information current as of July 22, 2024.)

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