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Written by 3:32 pm Blog, Current Investigations

Transamerica Financial Advisor Scott Fries Settles Fraud Charges with SEC  

Transamerica Financial Advisor Scott Fries Settles Fraud Charges with SEC, featured by top securities fraud attorneys, the White Law Group

SEC Alleges Scott Allen Fries Defrauded at least Ten Investors  

The White Law Group is investigating potential securities claims involving former financial advisor Scott Allen Fries (CRD #2205768) and the liability his employers may have for failure to properly supervise him.  

According to a press release, on February 28, 2022, the U.S. District Court for the Southern District of Ohio entered a final judgment against Scott Allen Fries, a former Ohio-based financial advisor, for allegedly defrauding at least ten investors out of at least $458,000.  

Between March 2014 and March 2019, Fries allegedly raised at least $458,000 from at least ten investors, including some of his brokerage customers, and purportedly spent that money on personal expenses, according to the SEC’s amended complaint.  

To hide his allegedly fraudulent activities, Fries purportedly lied to investors about the status of their investments. Among other things, Fries allegedly created fake account showing profitable investments, paid off an investor couple who had discovered that their account statement was fake, and purportedly lied to his employer about receiving investment funds from his brokerage customers.  

The SEC reportedly ordered Fries to pay disgorgement of $428,334.53 plus prejudgment interest of $110,548.02 and a civil penalty of $208,500.  

Scott Fries was reportedly affiliated with the following firms among others, according to FINRA:   

10/03/2014 – 07/18/2019, TRANSAMERICA FINANCIAL ADVISORS, INC (CRD#:16164), CINCINNATI, OH  

12/18/2008 – 09/22/2014, NYLIFE SECURITIES LLC (CRD#:5167), PIQUA, OH  

FINRA reportedly barred Fries in 2019 after he failed to provide information in its investigation.  

Potential Lawsuits to Recover Financial Losses   

The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Scott Fries’ employers may have for failure to properly supervise him.     

When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. 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.     

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.     

We represent investors in FINRA arbitration claims in all 50 states including Ohio. Our attorneys have recovered millions of dollars from many brokerage firms in the past.     

If you are concerned about your investments with Scott Fries, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.      

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.      

 To learn more about the investigation see:

Broker Scott Allen Fries – SEC Complaint Alleges Fraud

 

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