Scott Allen Fries, Transamerica Financial Advisors, Cincinnati, OH
SEC Reportedly Charges Scott Allen Fries with Stealing $178,000 from Clients
According to the Securities and Exchange Commission (SEC) yesterday, the regulator has filed a complaint against broker Scott Allen Fries (Scott Fries) alleging that he “raised at least $178,000 from at least seven investors and spent that money on personal expenses, including payments towards his mortgage, credit card bills, and payday loans.”
The SEC alleges that Fries “betrayed the trust of these investors and spent their money for his own personal benefit.” To hide his allegedly fraudulent activities, Fries reportedly created false account statements purporting to show profitable investments in mutual funds, purportedly paid off a couple who had discovered that their account statements were fake, and allegedly lied to his employer about the funds he had received from this couple.
According to his FINRA BrokerCheck report, Fries was registered with Transamerica Financial Advisors in Cincinnati, OH from 2014 until 2019 when he was reportedly discharged after he “accepted funds to invest in securities products away from the firm.”
The Financial Industry Regulatory Authority (FINRA) reportedly barred Fries on August 13, 2019 from association with any FINRA member in all capacities after he reportedly failed to request termination of his suspension within three months of the date of the Notice of Suspension.
Filing a Complaint against your Brokerage Firm
When brokers abuse client accounts or conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Scott Allen Fries (Scott Fries), the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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