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SCOTT KENNETH ELGER

SCOTT KENNETH ELGER is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 6810 N KNOXVILLE AVE 1ST FL, PEORIA, IL, 61614.

SCOTT KENNETH ELGER has worked at WELLS FARGO CLEARING SERVICES, LLC since November 16, 2017

Disclosure History

SCOTT KENNETH ELGER has 3 Disclosure Event(s).

Date: March 13, 2008
Category: Customer Dispute
Allegations: CUSTOMER COMPLAINS ABOUT INVESTMENT LOSSES IN DREMAN VALUE INCOME EDGE FUND INC.
Damage Amount Requested: $25,000.00
Settlement Amount: $4,500.00
Broker Comment: OCCURRENCE NUMBER 1384128 AND OCCURRENCE NUMBER 1399000 ARE THE EXACT SAME MATTER, THE [CUSTOMER] CUSTOMER COMPLAINT. THEY ARE THE SAME COMPLAINT FROM THIS CUSTOMER, NOT TWO DIFFERNET COMPLAINTS FROM THIS CUSTOMER. BAIRD INITIALLY RECEIVED THIS COMPLAINT IN DECEMBER 2007, THE SAME COMPLAINT WAS ALSO SENT TO FINRA IN JANUARY 2008, WHO SUBSEQUENTLY FORWARED IT ON TO BAIRD. HOWEVER THE ALLEGED DAMAGES WAS INCREASED FROM $22,000.00 TO $25,000.00 AT THAT TIME. THE CLOSED-END FUND THE CUSTOMER IS ALLEGING A LOSS IN, WAS ACTUALLY PURCHASED AT MORGAN STANLEY DW INC. BAIRD INFORMED MORGAN STANLEY DW INC. THAT WE WERE REPORTING THIS MATTER. BAIRD DENIED THE CUSTOMER COMPLAINT ON 02/14/08.

Date: February 09, 2004
Category: Customer Dispute
Allegations: CUSTOMERS ALLEGE THAT THEY WERE OVER-CONCENTRATED IN A SINGLE TECHNOLOGY STOCK AND INVESTED TOO AGGRESSIVELY.
Damage Amount Requested: $235,000.00
Settlement Amount: $17,000.00
Broker Comment: MR. ELGER AND MORGAN STANLEY VIGOROUSLY DENIED ANY WRONGDOING. THIS MATTER WAS SETTLED PURELY FOR CUSTOMER RELATION PURPOSES AND IN ORDER TO AVOID THE COSTS AND UNCERTAINTIES OF TRIAL.

Date: April 01, 1990
Category: Regulatory
Initiated By: ILLINOIS DEPARTMENT OF INSURANCE
Allegations: FC WAS ALLEGED TO HAVE SOLD TWO DEFERREDANNUITIES TO TWO CLIENTS DURING A PERIOD WHEN FC'S INSURANCEPRODUCER'S LICENSE HAD LAPSED.
Resolution: Consent Sanction Details: CONSENT TO SELL INSURANCE ONLY WHILE MAINTAININGA VALID INSURANCE PRODUCER'S LICENSE AND CIVIL FORFEITURE OF$500.00.
Broker Comment: SHEARSON LEHMAN BROTHERS HAD CHANGED FROM NAT'LSURETY BONDING CO. TO MARSH & MCCLENNAN FOR BONDINGREQUIREMENTS. MY BOND WAS NOT TRANSFERRED DUE TO BACK OFFICEERROR. THIS CAUSED MY INSURANCE LICENSE TO BE CANCELLED. IWAS TOLD THAT THE SITUATION WAS RECTIFIED IN SEPTEMBER 1988WHEN IN FACT IT WAS NOT. THIS CAUSED ME TO WRITE AND SUBMITANNUITY CONTRACTS NOT KNOWING THAT MY INSURANCE LICENSE WASSTILL IN DEFAULT.

More Information

All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.

A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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