Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Scott Trease (Trease), previously associated with Sapere Wealth Creation, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Trease recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a award / judgment customer complaint with a damage request of $100,000.00 on March 22, 2023.
The allegation in this civil matter is breach of fiduciary duty in violation of Section 206(2) of the Advisers Act. Mr. Trease, along with Sapere Wealth Management LLC (‘Sapere’), entered into Consent Agreements with the SEC reflecting the resolution of a civil matter. Both Mr. Trease and Sapere consented to the entry of a final judgment as part of a settlement of the civil case. In connection with the Consent Agreements, the SEC prepared and filed a complaint, describing the government’s allegations giving rise to the Agreements. Both Mr. Trease and Sapere, without admitting or denying the allegation of breach of fiduciary duty in the Complaint, consented to entry of a final judgment permanently restraining and enjoining violation of fiduciary duty and ordering compliance with a conduct-based injunction. Mr. Trease has consented to paying a civil penalty in the amount of $100,000 under Section 209(e) of the Investment Adviser Act of 1940. In connection with this matter, Mr. Trease mistakenly relied on an individual who convinced him of his sophisticated investment experience and financial acumen, along with his sincere profession of the Christian faith. The Order and Final Judgment was entered on April 26, 2023.