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Scott Wolfrum: $11 Million Complaint Against Indianapolis Advisor
A recent investor complaint against Wolfrum & Company advisor Scott Wolfrum (CRD# 2187550) alleges $11 million in damages. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the Indianapolis-based representative was most recently registered as a broker with Huntleigh Securities Corporation.
Mr. Wolfrum’s BrokerCheck report discloses five investor complaints. The most recent, filed in June 2022, alleges that as a representative of David A. Noyes & Company, he performed inadequate due diligence on an investment in a non-traded business development company. The pending complaint alleges damages of $50,000.
A second investor complaint, filed in December 2021, alleges that Mr. Wolfrum sold unsuitable investments while at David A. Noyes & Company. The pending complaint alleges damages of $11 million.
A third investor complaint, filed in July 2021, alleges that he recommended unsuitable alternative investments. The pending complaint alleges damages between $100,000 and $500,000.
An investor complaint filed in 2019 alleged that as a representative of Huntleigh Securities Corporation, Mr. Wolfrum purchased a private placement without approval. The complaint reached a settlement of $449,300. A complaint filed in 2013, finally, alleged that while at Wells Fargo, Mr. Wolfrum made misrepresentations and unsuitable investment recommendations involving a variable annuity. The complaint reached a settlement of $10,000.
Mr. Wolfrum’s BrokerCheck report also discloses his March 2021 sanction by the Securities and Exchange Commission. The action concerned allegations that he failed to disclose conflicts of interest when he recommended clients invest in Foundry Mezzanine Opportunity Fund. The sanction states further that he “sold more than $20 million in interests” in the product, while failing to disclose “the conflicts of interest created by his and his family members’ financial interests in two of the Fund’s holdings and Wolfrum’s receipt of $140,125 in finder’s fees for facilitating two different investments by the Fund.” The SEC censured him and ordered him to pay a fine of $75,000 as well as disgorgement of $140,125.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Scott Wolfrum holds 30 years of securities industry experience. Based in Indianapolis, Indiana, he has been a financial advisor with Wolfrum & Company since 2018. His past registrations include Huntleigh Securities Corporation, David A. Noyes & Company, Wells Fargo Advisors Financial Network, Wells Fargo Advisors, A.G. Edwards & Sons, and Merrill Lynch. His credentials include the passage of six securities industry qualifying examinations: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; 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 Securities Agent State Law Examination, or Series 63. He is licensed as an investment advisor in Indiana. (Information current as of July 7, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.