Valentino Scott: VS Associates Advisor Faces Bond Complaints

Records filed with a US bankruptcy court indicate that at least 10 current and/or former clients of Centaurus Financial advisor Valentino Scott (CRD# 1497615) are listed as creditors for investments in GWG Holdings L bonds and/or preferred stock. These records describe investments totaling at least $1.5 million. Records maintained by the Financial Industry Regulatory Authority show that Mr. Schultz is currently based in West Hills, California, and is the President of VS Associates.

Mr. Scott’s BrokerCheck report discloses multiple investor complaints, including complaints regarding corporate bond investments. The most recent, filed in July 2022, alleges that as a representative of Centaurus Financial, he misrepresented and recommended an unsuitable corporate bond investment. The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in March 2022, alleges that as a representative of Centaurus Financial, “made poor recommendations,” misrepresented material facts, and “overconcentrated the customer[‘]s accounts in unsuitable, illiquid, and risky investments.” The pending complaint alleges unspecified damages.

The above-described pending complaints’ disclosures contain statements from Mr. Scott pushing back against the allegations. “I vehemently deny any wrongdoing and assert that the allegations are completely without merit,” he states in both cases, continuing: “The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment.”

A third investor complaint, filed in 2020, alleged that as a representative of Centaurus Financial, he over-concentrated the customer’s accounts in unsuitable investments. In 2022 the complaint reached a settlement of $110,000. In a statement included with the complaint’s disclosure, Mr. Scott described the allegations as “completely without merit” and stated that his broker-dealer unilaterally settled with the customer “in an effort to reach an expedited resolution.”

According to the Financial Industry Regulatory Authority, Valentino Scott holds 31 years of securities industry experience. Based in West Hills, California, he has been a broker and an investment advisor with Centaurus Financial since 1995 and 1997, respectively. He is the president of VS Associates. His past registrations include Montano Securities Corporation (Orange, California; 1993-1995), Fortis Investors (Oakdale, Minnesota; 1994-1995), and Pruco Securities Corporation (1986-1988). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He currently holds 32 state licenses. (Information current as of May 30, 2023.)

Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. 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.