Soreide Law Group files a FINRA Arbitration Claim Against Former Raymond James Broker Scott Sibley

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Florida claimants file lawsuit against former Raymond James stock broker Scott Sibley for alleged financial losses due to over-concentration of portfolio in gold miners, oil, and other precious metal investments.

Two retirees hired the securities arbitration law firm Soreide Law Group to recover their $300,000 in losses from former Raymond James broker Scott Allen Sibley (“Sibley”). The Claimants accounts were heavily concentrated in gold miners, precious metals and oil related investments. Scott Sibley used to work out of the Fort Lauderdale branch of Raymond James.

The Claimants through their attorney Lars Soreide, Esq., represent one of 16 other publicly disclosed customer complaints disclosed against broker Scott Sibley. The lawsuit alleges against both Raymond James and Sibley: negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud and violations of the Florida Investor’s Protection Act. The Claimants are seeking damages of $300,000 plus attorneys fees for their alleged violations if liability is found under Florida Statute Chapter 517. The suit also alleges that Raymond James failed to supervise their financial advisor Sibley who recommended gold miners and oil companies to the Claimants in large concentrations. The Claimants were retirees and the money deposited with Raymond James represented the full cash benefit of their retirement through the Florida retirement system. It is alleged that Raymond James broker Scott Sibley promised Claimants a better income stream than the Florida Retirement System could provide. Some of the biggest losers allegedly recommended by Scott Sibley to the Claimants include: Linn energy, Goldcorp Incorporated, Gold Resource Corporation, Legacy Reserve Partners, Jr. Gold Miners, and Memorial Production Partners to name a few.

If you were a customer of Scott Sibley and have significant losses in gold and oil related investments call Soreide Law Group for a free consultation at 1-888-760-6552. We handle FINRA arbitrations nationwide and our office is located in Pompano Beach in the heart of South Florida.

The suit is being arbitrated through the Financial Industry Regulatory Authority also known as “FINRA” and Raymond James and Sibley have yet to file a response. The FINRA case number is 17-00066. Scott Sibley is currently employed by Moors & Cabot in their Boca Raton office.

Lars Soreide, Esq., expects the case to be arbitrated by the end of 2017. For more info call 954-760-6552 or visit https://www.SecuritiesLawyer.com.

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Lars Soreide
Lars Soreide Securities Lawyer
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