{"id":203,"date":"2007-07-26T17:25:06","date_gmt":"2007-07-26T17:25:06","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/07\/aigs_fsc_securities_cozy_place_1"},"modified":"2021-09-20T15:41:16","modified_gmt":"2021-09-20T20:41:16","slug":"aigs-fsc-securities-cozy-place-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/aigs-fsc-securities-cozy-place-1\/","title":{"rendered":"FSC Securities Unit of AIG \u2013 A \u2018Cozy\u2019 Place for Fraud?"},"content":{"rendered":"

\t\t\t\tFSC created “an extremely cozy environment for a man bent on defrauding his customers,” said three NASD Securities Arbitrators, “management ineptness was broad” and the firm ignored red flags that the broker had “selling away” issues (using one’s status at a firm to aid in the sale of investments not approved by the firm). <\/p>\n

FSC Securities of Atlanta, part of the AIG Financial Group, had warning when it hired broker Scott Hollenbeck that he had problems during his past employment, said a panel of three arbitrators in their award to several investors. During his past employment, they say, he even embezzled money from a church organization. <\/p>\n

Hollenbeck was based in Kernersville, N.C. where he was employed by FSC for over 5 years, ending in 2002, not counting a 20 month hiatus. Not named in the arbitration claim, Hollenbeck faces charges over an alleged Ponzi investment scheme which reportedly took place after he left FSC and included the use of billboards. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

FSC created “an extremely cozy environment for a man bent on defrauding his customers,” said three NASD Securities Arbitrators, “management ineptness was broad” and the firm ignored red flags that the broker had “selling away” issues (using one’s status at a firm to aid in the sale of investments not approved by the firm). FSC […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3823,3798],"tags":[],"class_list":["post-203","post","type-post","status-publish","format-standard","hentry","category-aig-sunamerica","category-arbitration"],"yoast_head":"\nFSC Securities Unit of AIG \u2013 A \u2018Cozy\u2019 Place for Fraud? — Investor Lawyers Blog — July 26, 2007<\/title>\n<meta name=\"description\" content=\"FSC created "an extremely cozy environment for a man bent on defrauding his customers," said three NASD Securities Arbitrators, "management ineptness was — July 26, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/aigs-fsc-securities-cozy-place-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FSC Securities Unit of AIG \u2013 A \u2018Cozy\u2019 Place for Fraud? 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