Scott Thole: Complaint Against Merrill Advisor Settles for $209K

Saint Paul, Minnesota financial advisor Scott Thole (CRD# 4516390) allegedly misrepresented an options investment, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Thole’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2024, alleged that as a representative of Merrill Lynch, he misrepresented an options investment in January 2024. In June 2024 the complaint reached a settlement of $209,350.

An earlier investor complaint, filed in 2004, alleged that as a representative of H&R Block Financial Advisors, he recommended unsuitable equity transactions. The complaint alleged damages of $6,000 and was denied by the firm.

Merrill Lynch’s website includes a page that describes Mr. Thole’s services and approach as a member of The Thole Group, a practice within the firm. “Our mission is to understand you and your priorities,” it states. “To take the time, to ask hard, smart questions and to listen carefully, then to understand, in great detail, exactly where your wealth stands today, and where you’d like it to be tomorrow.” Elsewhere, the practice describes its focus on individual investors, families, and small business customers. “We believe that financial success can be achieved when you’re able to make investment-related decisions and trade-offs that can help you reach personally meaningful goals,” it explains. “Success will be measured by the amount of progress you are making toward reaching your goals, making thoughtfully considered adjustments as events and conditions warrant.”

According to the Financial Industry Regulatory Authority, Scot Thole holds 22 years of securities industry experience. Based in Saint Paul, Minnesota, he has been registered as a broker and an investment advisor with Merrill Lynch since 2016. His registration history includes Morgan Stanley (2009-2016), Morgan Stanley & Company (2007-2009), Morgan Stanley DW (2005-2007), and H&R Block Advisors (2002-2005). His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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 Arizona, California, Colorado, Florida, Idaho, Illinois, Indiana, Louisiana, Massachusetts, Michigan, Minnesota, New Mexico, New York, North Carolina, Tennessee, Texas, and Wisconsin. (Information current as of August 5, 2024.)

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