The investment attorneys of Gana Weinstein LLP are interested in speaking with clients of Scott Aabel (Aabel). According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) Aabel has been the subject of at least 10 customer complaints, one regulatory event, three judgment or liens, and three financial disclosures. The customer complaints against Aabel allege securities law violations that claim unsuitable investments and misrepresentations among other claims involving mostly variable annuity products.
In June 2009, a customer filed a complaint alleging $71,873 in damages stemming from a loss of a living benefit rider for an annuity contract. In September 2007, a customer complained that the performance and fees for a variable annuity were misrepresented to the customer leading to losses of $13,595.
Also in April 2012, the Florida Office of Financial Regulation Division of Securities filed an administrative complaint against Aabel alleging violations of the state’s code and imposed a fine of $70,000.
In addition, there are three liens filed against Aabel. In July 2013, a $45,287 tax lien was imposed. In September 2012, Aabel received a $88,850 tax lien. Also in September 2012, another $203,045 tax lien was imposed against Aabel. A broker with large liens are an important consideration for investors to consider when dealing with a financial advisor. An advisor may be conflicted to offer high commission investments to customers in order to satisfy liens and debts that may not be in the client’s best interests.
Aabel entered the securities industry in 1991. From May 1991, until April 2013, Aabel was associated with Prime Capital Services, Inc. Since March 2013, Aabel has been associated with SagePoint Financial, Inc. out of the firm’s Nokomis, Florida branch office location.