Centaurus Financial, Inc. broker Valentino Scott (CRD# 1497615) faces customer complaints regarding overconcentration and suitability of investment recommendations. He has been registered with Centaurus Financial, Inc. in West Hills, California, since 1995. Previously, he was registered with Montano Securities Corporation in Orange, California, from 1993 to 1995, and with Fortis Investors, Inc. in Oakdale, Minnesota, from 1994 to 1995. Before then, he was registered with Pruco Securities Corporation from 1986 to 1988, when he was terminated related to “lack of faith.”
Valentino Scott Customer Complaints
He has been the subject of 12 customer complaints between 2002 and 2023, two of which were denied, and two were closed without action, according to his CRD report. The most recent complaints were regarding:
October 2023. “The customers allege that the Registered Representative recommended unsuitable, high-risk, speculative and illiquid investments, and breached his fiduciary duty. No specific dates for the alleged activity were identified in the Statement of Claim.” The customer is seeking $298,000 in damages.
February 2023. “The customer alleges that the Registered Representative recommended a risky, high yield, complex, illiquid investment.” The customer is seeking $25,000 in damages.
June 2023. “The customers allege that the Registered Representative recommended an unsuitable, high-risk and illiquid investment. No specific dates for the alleged activity were identified in the Statement of Claim.” The customer is seeking $250,000 in damages.
February 2023. “The customer alleges that the Registered Representative misrepresented and mishandled the investment. No dates for the alleged activity were identified in the Statement of Claim.” The customer is seeking $40,000 in damages.
July 2022. “The customers allege that the Registered Representative misrepresented an unsuitable investment. No dates of alleged activity were disclosed in the Statement of Claim.” The case was settled for $92,500. The complaint was related to corporate debt.
March 2022. “During the period October 2013 to the present, the customers allege that the Registered Representative made poor recommendations, misrepresented and overconcentrated the customers accounts in unsuitable, illiquid and risky investments.” The complaint was settled for $70,500. The complaint was regarding real estate securities and direct investment losses. The complaint was related to direct investments and real estate securities.
March 2020. “During the period 2014 through 2020, the customer alleges that the Registered Representative recommended and over concentrated their account(s) in unsuitable investments.” The customer sought $500,000 in damages, and the case was settled for $110,000. The complaint was regarding variable annuities, mutual funds, and real estate securities. The complaint was related to variable annuities, mutual funds, and real estate securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Centaurus Financial, Inc. may be liable for investment or other losses suffered by Valentino Scott’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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