Scott Spruth Facing Allegations of Unsuitable Investment Recommendations

Scott Spruth (CRD #: 1049999), a broker previously registered with Wells Fargo Clearing Services, is facing allegations of unsuitable investment recommendations as well as failing to inform a client of changes to their account which resulted in unanticipated taxable income. This information is from Scott Spruth’s BrokerCheck record, accessed on March 4, 2022. Keep reading for more information about Scott Spruth’s conduct as a broker and pending customer disputes.

On January 18, 2022, an 85-year-old investor alleged that Scott Spruth made repeated unsuitable investment recommendations. The investor further alleged that these unsuitable investments were harmful to her.

Unsuitable Investment Allegations

FINRA Rule 2111 requires that a firm or broker associated with a firm make recommendations to an investor based on a reasonable indication that the transaction or strategy that they are recommending fits the customer’s investment profile. That investment profile includes information on the investor’s age, financial situation and needs, and risk tolerance. Investors who rely on their brokers for recommendations regarding transactions and/or investment strategy may be able to recover their losses through FINRA arbitration.

Elder Financial Abuse

FINRA Rule 2165 is designed to prevent the financial exploitation of specified adults, also referred to as elder financial abuse. FINRA defines a “specified adult” as a person aged 65 and older (or a younger person under certain conditions of mental or physical impairment). FINRA defines “financial exploitation of older adults” as the wrongful or unauthorized use of an investor’s funds and/or securities.

Other Investment Disputes

On April 16, 2019, an investor alleged that Scott Spruth did not inform him about changes to his accounts in 2016, which resulted in unanticipated taxable income from 2016 to 2019. 

Background Information

Scott Spruth has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 15 – Foreign Currency Options Examination
• Series 7 – General Securities Representative Examination

Scott Spruth has worked for the following firms:

• Wells Fargo Clearing Services, LLC (CRD #: 19616)
• UBS Financial Services Inc. (CRD #: 8174)
• Dean Witter Reynolds Inc. (CRD #: 7556)
• Oberhofer & Company (CRD #: 18274)

Kurta Law Can Help

If you worked with Scott Spruth and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.