FINRA: Bob Scrabis has History of Investor Complaints
Bob Scrabis (CRD# 2110430) has been involved in multiple customer complaints that were resolved through settlements paid to the customers. According to his Financial Industry Regulatory (FINRA) BrokerCheck report, last accessed on December 8, 2021, Mr. Scrabis is currently a representative of Commonwealth Financial Network’s office in Cranford, New Jersey.
Settled Complaints: Bob Scrabis Made Misrepresentations, Unsuitable Recommendations
The most recent customer complaint against Bob Scrabis was filed in 2015. The customer alleged he made unsuitable recommendations to purchase fixed and variable annuity products beginning in June 2008. In 2016 the complaint settled for $75,000.
A second customer complaint against Bob Scrabis was filed in 2007. In this case the customer alleged he represented that a transaction-based account “would be less costly” than a fee-based account, and further that the commissions in a transaction-based account “would not be more than 1%.” Contrary to these representations, the customer alleged, she was “charged over 10% of her account in commission[s].” The complaint settled for $18,320.
No additional comments were provided for either complaint.
Understanding FINRA’s Suitability Rule
Allegations of unsuitability refer to one of FINRA’s most important rules for brokers: that the investments and strategies they recommend their clients are in line with the clients’ individual goals and needs. In order to determine whether investments or strategies are suitable, the broker will identify the client’s investment profile, which includes considerations like their investment goals, investment experience, risk tolerance, liquidity needs, net worth, and more. To learn more about the suitability standard, visit FINRA’s resources on the subject.
Bob Scrabis Previously Work for MML
According to the Financial Industry Regulatory Authority, Bob Scrabis’s 23 years of securities industry experience began in 1998, when he joined Citigroup Global Markets in New York City. He left Citigroup in 2004 for UBS Financial Services’ branch office in Red Bank, New Jersey, a firm he left in 2008 for MSI Financial Services in Iselin, New Jersey. He left MSI Financial Services in 2017 for MML Investor Services, where he remained until moving to Commonwealth Financial Network’s office in Cranford, New Jersey in 2021. Records show that he has passed four securities industry examinations and holds 22 state securities registrations. For more information on Bob Scrabis’s registration history, including the customer complaints involving his investment advice, visit his FINRA BrokerCheck report. (The above-referenced information was accessed on December 8, 2021.)