Scott Fries, formerly with Transamerica Financial Advisors, Subject of SEC Complaint for Defrauding Investors
Have you lost money with financial advisor Scott Allen Fries from Piqua, Ohio? We are looking into allegations made by the Securities and Exchange Commission (SEC) against Scott Fries. The SEC alleged that Fries stole about $178,000 from investors. It was further alleged that Fries instead used this money for personal expenses, including paying his mortgage, credit card bills, and payday loans.
Scott Fries was an investment advisory representative with Transamerica Financial Advisors from October 2014 to July 2019. He was also with Fries Financial Group. He worked out of an office in Piqua, Ohio. Fries was also terminated by Transamerica Financial Group for this conduct.
Brokerage firms like Transamerica Financial Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. These firms also must take steps to ensure that their advisors follow all securities rules and regulations. When brokerage firms fail to adequately supervise their representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in arbitration proceedings in all 50 states, including investors in southern Ohio. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Transamerica Financial Advisors.