Former Raymond James & Associates, Inc. (Raymond James) broker, Scott Sibley, has been barred by the Financial Industry Regulatory Authority (FINRA) for effecting precious metals purchases without his customers’ authorization, knowledge or consent. Scott Allen Sibley, of Fort Lauderdale, Florida, also allegedly made unsuitable recommendations to over-concentrate the accounts of at least 10 customers, all of whom were seniors with conservative investment objectives.
According to FINRA, Scott Sibley effected over 900 securities purchases in a customer’s accounts without the customer’s knowledge or consent. Further, Mr. Sibley caused this customer to carry a margin debit balance without authorization or consent. FINRA also found that Mr. Sibley made unsuitable recommendations to over-concentrate customers’ accounts in precious metals to at least 10 customers, all of whom were seniors who relied on the money in their accounts to fund their retirements. Continue Reading