Scott William Norvell (CRD #2196706, Omaha, Nebraska)

November 22, 2023 – An AWC was issued in which Norvell was fined $10,000 and suspended from association with any FINRA member in all capacities for two-andone-half months. Without admitting or denying the findings, Norvell consented to the sanctions and to the entry of findings that he negligently misrepresented the death benefits that customers would receive from exchanging their existing variable annuity products for a different variable annuity product. The findings stated that Norvell negligently misrepresented to these customers that the new product had a guaranteed death benefit that was equal to the greater of the account value or the customer’s contributions, less adjusted withdrawals. However, the guaranteed death benefit was only available by selecting an optional rider on the application and paying an additional fee. Norvell did not select the rider on the applications for these transactions or collect the additional fee. As a result, the customers did not receive a guaranteed death benefit. A majority of the transactions took place after Norvell’s supervisor had notified him that he had failed to select the optional death benefit rider in connection with a separate transaction. The findings also stated that Norvell caused his member firm to maintain inaccurate books and records by falsifying signatures of senior customers by electronically signing documents on their behalf. Although Norvell had prior permission from the customers, the firm prohibited signing a customer’s name or initials regardless of the customer’s knowledge or consent. In addition, Norvell falsely attested in a compliance questionnaire that he had not signed or affixed another person’s signature on a document. The suspension is in effect from December 18, 2023, through March 3, 2024. (FINRA Case #2020065106301)