DID NORBERT MICHAEL WITT CAUSE YOU INVESTMENT LOSSES?
Norbert Witt Of SCF Securities, Inc. And Formerly With LPL Financial LLC and Invest Financial Corporation Has 4 Customer Complaints For Alleged Broker Misconduct
About Norbert Witt Of SCF Securities, Inc.?
Norbert Witt (CRD #1013032) has an extensive background in the securities industry. He is currently registered with SCF Securities, Inc. and SCF Investment Advisors, Inc. in Amherst, New York, since October 2021. Witt has passed one principal/supervisory exam, two general industry/product exams, and two multi-state securities law exams. His career includes previous registrations with firms such as LPL Financial LLC, Invest Financial Corporation, and NFP Securities, Inc. Witt holds licenses in 22 U.S. states and territories, reflecting a broad geographic reach in his practice.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Norbert Witt Customer Complaints and Reviews
Norbert Michael Witt has a history of negative disclosures, including customer disputes and an employment termination:
- Customer Disputes (4 incidents):
- Dispute 1 (Settled):
- Date Received: December 21, 2001
- Allegations: Clients alleged that Witt sold them investments in four limited partnerships that were unsuitable and inconsistent with their goal of capital preservation.
- Outcome: Settled on November 22, 2002, for $30,000, with Witt personally contributing $15,000.
- Dispute 2 (Settled):
- Date Received: September 29, 2000
- Allegations: Witt was accused of negligently selling an inappropriate tax credit limited partnership.
- Outcome: Settled on August 28, 2001, for $8,750, with Witt personally contributing $8,750.
- Dispute 3 (Withdrawn):
- Date Received: November 1, 2020
- Allegations: The customer alleged failure to follow instructions with respect to the reinvestment of his advisory account.
- Outcome: The complaint was withdrawn on December 24, 2020.
- Dispute 4 (Withdrawn):
- Date Received: March 1, 2006
- Allegations: Client alleged unauthorized trading, switching, and failure to meet breakpoints in mutual fund investments.
- Outcome: The complaint was withdrawn on March 3, 2006.
- Employment Termination (1 incident):
- Termination from First Jersey Securities, Inc.:
- Date: September 12, 1986
- Allegations: Witt was alleged to have received $2,700 in cash and misappropriated the funds. The client signed a letter acknowledging that Witt did not misappropriate the funds.
- Outcome: Voluntary resignation with no action warranted regarding the complaint
Allegations Against Norbert Witt
The specific allegations and accusations against Norbert Michael Witt include:
- Unsuitable Investment Recommendations: Witt faced allegations of recommending unsuitable investments, particularly limited partnerships and tax credit programs, resulting in settlements.
- Negligent Sales Practices: Claims included negligence in selling inappropriate investment products, leading to client dissatisfaction and financial settlements.
- Unauthorized Trading and Failure to Follow Instructions: Complaints of unauthorized trading, switching, and not following client instructions, which were eventually withdrawn.
- Employment Termination Allegation: Accusation of misappropriating funds, which was resolved with the client’s acknowledgment that no misappropriation occurred.
Norbert Witt Red Flags & Your Rights As An Investor
Of course, Norbert Witt 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 Norbert Witt at SCF Securities, Inc., LPL Financial LLC and Invest Financial Corporation on alert to review carefully the activity and performance of their accounts and question whether Norbert Witt has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at SCF Securities, Inc., LPL Financial LLC and Invest Financial Corporation 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.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At SCF Securities, Inc. Due To Norbert Witt
If you have questions about SCF Securities, Inc., LPL Financial LLC, Invest Financial Corporation and/or Norbert Witt 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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