Scott Hume is Facing Suitability Allegations

Scott Hume (CRD #: 2894512), a broker registered with Moloney Securities, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on April 5, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On January 11, 2024, an investor alleged that Scott Hume recommended unsuitable investments. The investor further alleged negligence. The investor is seeking $135,000. 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Background Information 

Scott Hume has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination
• Series 24 General Securities Representative Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 
• Series 9 General Securities Sales Supervisor – Options Module Examination 

He is a registered broker in 21 states and is a registered investment adviser in Texas and Washington. 

During his 26 years of experience, Scott Hume has registered with the following firms: 

• Moloney Securities (CRD #: 38535) 
• Moloney Securities Asset Management (CRD #: 282448) 
• Moloney Investment Advisory (CRD #: 282140) 
• RBC Capital Markets (CRD #: 31194) 
• A.G. Edwards & Sons (CRD #: 4) 
• American Express Financial Advisors (CRD #: 6363) 
• IDS Life Insurance (CRD #: 6321) 

Kurta Law Can Help 

If you have worked with Scott Hume and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.