Scott Wayne Reed of Scottsdale, AZ Allegedly “Selling Away”

Scott Wayne Reed, a stockbroker in Scottsdale, AZ, voluntary resigned on April 7, 2020 from Wells Fargo, following allegations of selling away.

What Is Selling Away?

According to FindLaw:  “Selling away is generally prohibited because of its susceptibility to fraud, deception, and increased risk to investors. One danger is that an investor will mistakenly believe that an outside investment is endorsed by the broker’s firm, lending the investment a false sense of legitimacy and security. Additionally, since the firm is not supervising the sale according to certain rules, investors are more at risk for losing their money. It’s important to do some research before making any investment decisions.”

Scott Wayne Reed allegedly recommended and facilitated investments to customers of Wells Fargo Advisors that were not offered or approved.

For more information read the BrokerCheck Report here. CRD#3007033


If you have invested with Scott Wayne Reed and believe you or your investment interests have been harmed, call Arizona Securities and Investment Fraud attorney Anthony Bingham at 480.832.1922. You may have a limited period of time to assert your claim, so we encourage you to contact Bingham Law today.