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NASD Arbitration Panel Slams FSC Securities For Failing To Supervise and Prevent Selling Away Fraud By Broker
The arbitrators issued a written decision finding that FSC created "an extremely cozy environment for a man bent on defrauding his customers." The broker, Scott Hollenbeck, faces both criminal and civil charges for his involvement in a Ponzi Scheme using the sale of investments in billboards from 2001 to 2004. The broker previously had been fired for embezzling money from a church organization. But FSC Securities ignored that fact and hired him anyway,
The panel awarded a group of clients compensatory damages, interest and attorneys' fees.
Source: Investment News
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
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Always consult an attorney and/or investment advisor when building and protecting your wealth.
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