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Scott Madison Of Merrill Lynch Pierce Fenner & Smith And Formerly With Stifel Nicolaus Company Has 2 Customer Complaints For Alleged Broker Misconduct

Who is Scott Madison of Merrill Lynch Pierce Fenner & Smith?

Scott Madison (CRD #4323032) who is currently registered with Merrill Lynch Pierce Fenner & Smith and located in Riverhead, New York is a subject of one of our many securities industry sales practice abuse investigations. Prior to Merrill Lynch Pierce Fenner & Smith, Scott Madison was associated with Stifel Nicolaus Company and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Scott Madison Customer Complaints

Scott Madison has been the subject of 2 customer complaints that we know about. Both of Scott Madison’s 2 customer complaints were settled in favor of investors.

Allegations Against Scott Madison

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Customer alleged that Scott Madison discussed with the customer a particular ARS that would pay 12% tax exempt interest and described ARSs as safe and liquid. Customer further alleged that the customer learned weeks later that the interest rate was in fact a function of LIBOR and not 12%. As previously explained to the customer in a letter from the firm, prior to executing the trade, the customer had confirmed that it had independently, and without reliance on Mr. Madison or the firm, conducted its own analysis and made the decision to invest in the security, thereby bearing the full responsibility for its investment.  Notwithstanding, Credit Suisse Securities (USA) LLC, settled the dispute and paid $800,000 to the investor.
  • Customer alleged Scott Madison engaged in unauthorized trading, made unsuitable investment recommendations and churned his account.

Scott Madison Red Flags & Your Rights As An Investor

Of course, Scott Madison did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Scott Madison at Merrill Lynch Pierce Fenner & Smith and Stifel Nicolaus Company on alert to review carefully the activity and performance of their accounts and question whether Scott Madison has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Merrill Lynch Pierce Fenner & Smith and Stifel Nicolaus Company also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Merrill Lynch Pierce Fenner & Smith Due To Scott Madison

If you have questions about Merrill Lynch Pierce Fenner & Smith, Stifel Nicolaus Company, and/or Scott Madison and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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