Lincoln Financial Advisors Broker, Scott Dolven, Suspended By FINRA For Two Months For Failing To Report Tax Liens
The Wolper Law Firm is currently investigating claims against Scott Dolven (CRD 69678),a Financial Adviser at Lincoln Financial Advisors in Fort Wayne, Indiana. Scott Dolven has been in the securities industry since the 1970s and previously worked at Cigna Financial Advisors.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 12, 2018, Scott Dolven was sanctioned by FINRA for failing to report and disclose personal tax liens. The FINRA sanction specifically states:
“Dolven received notices from the Internal Revenue Service (IRS) of four tax liens, totaling $425,162, on May 10, 2005, August 24, 2012, October 12, 2012, and October 2, 2013, respectively. Dolven did not satisfy the May 2005 lien until 2006 and he did not satisfy the other liens until 2015. Dolven did not amend his Form U4 to disclose these liens until October 2015, when he disclosed the 2013 and 2012 liens for the first time. Dolven did not disclose the 2005 lien until April 2018. Dolven was also notified of six tax warrants, totaling $154,626, that were imposed by the State of Wisconsin through five notices that he received on December 14, 2010, September 30, 2010, January 18, 2012, August 17, 2012, and May 9, 2013, respectively. Dolven satisfied the 2010 warrants during 2012 and 2013. He satisfied the 2012 warrants during 2013 and 2014, and he satisfied the 2013 warrant during 2014. Dolven did not amend his Form U4 to disclose these warrants until October 2015.”
For a full copy of the sanction, click https://www.finra.org/sites/default/files/fda_documents/2018057877501%20Scott%20Gary%20Dolven%20CRD%2069678%20AWC%20va.pdf.
Per the regulations, Financial Advisors are required to disclose personal tax liens and judgments pending against them as these events may be an indication of financial irresponsibility. FINRA wants to ensure that the investing public is aware of these tax liens before establishing account relationships with Financial Advisors. Financial Advisors who are in personal financial distress may be more likely to recommend products and securities that pay higher commissions as opposed to products and securities that are in the best interest of the customer.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm is interested in speaking with clients of Scott Dolven as part of its investigation. We can be reached at 800.931.8452 or by email at email@example.com. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.