Fredrick D. Scott
Fredrick Douglas Scott | |
|---|---|
| Born | September 21, 1984 San Bernardino, California, U.S. |
| Occupation(s) | Entrepreneur, private equity investor, business consultant, philanthropist |
| Known for | Youngest African-American to establish a hedge fund; founder of multiple financial companies; philanthropy; #GetRealWoke Podcast |
Fredrick Douglas Scott (born September 21, 1984) is an American entrepreneur specializing in private equity investment, business consulting, philanthropy, and contributing articles to Entrepreneur magazine. In 2014, he admitted guilt to conspiracy-related charges. Back in 2010, Ebony magazine included him in its "Top 30 Under 30" list, highlighting him as the youngest African-American to establish a hedge fund.
Early life
Scott entered the world in San Bernardino, California as the firstborn among three siblings raised by a single parent. Following his high school graduation, he enlisted in the United States Army.
Education
After completing his studies at San Andreas High School, Scott pursued courses through Harvard University via edx.org. He obtained professional certifications including Financial Modeling and Valuation Analyst (FMVA), Capital Markets and Securities Analyst (CMSA), and Commercial Banking and Credit Analyst (CBCA) from the Corporate Finance Institute. Moreover, he earned a diploma in Islamic Finance from the Chartered Institute of Management Accountants.
Career
Scott’s financial career commenced in 2006 when he worked as a Mortgage Banker at Innovative Mortgage Capital. The next year, he launched FollyCease Financial, a mortgage lending enterprise that ceased operations by year-end due to the nationwide mortgage crisis. In 2008, he founded Acacia Conglomerate Inc., a comprehensive mortgage banking company with locations in California and Vancouver, BC. The following year saw the creation of ACI Capital Group, an investment banking and advisory business which subsequently faced accusations regarding fraudulent asset disclosures. After departing ACI in 2012, Scott founded The Scott Family Office International to oversee his family’s wealth management.
Conviction
In 2013, Fredrick was apprehended by the FBI on charges including Conspiracy to Commit Wire Fraud and Making a Materially False Statement to the Securities and Exchange Commission. His fraudulent investment operation was classified as an affinity fraud, primarily targeting African-American enterprises. He entered a guilty plea in 2014 and received a sentence of 63 months imprisonment in federal custody, followed by three years of supervised release along with a restitution order. Additionally, he encountered civil sanctions imposed by the SEC.
The media has closely examined Fredrick's conviction due to him being the only person charged within a conspiracy case that did not involve indictments against any co-conspirators.
Philanthropy
Fredrick actively mentors through programs such as Stand Together Ventures Lab Unbundle Policing Incubator, Northwestern Mutual Black Founder Accelerator, Gener8tor, The Bronze Valley Accelerator, and Defy Ventures. His foundation, The Scott Family Foundation Intl. (previously known as the Samira and Fredrick Scott Charitable Fund), has supported initiatives including The National Cares Mentoring Movement and The Eagle Academy for Young Men.
The Scott Family Foundation Intl
Scott holds the position of chairman at The Scott Family Foundation Intl., a Civil Society Organization affiliated with the United Nations Global Compact.
#GetRealWoke Podcast
In 2020, Scott initiated the #GetRealWoke Podcast on YouTube, providing weekly content focused on financial education and business growth strategies. This podcast also conducts a monthly cash prize giveaway of no less than $1,000.
Business Mentorship
Scott offers complimentary mentorship through initiatives like Stand Together Ventures' Unbundle Policing Incubator, Northwestern Mutual's Black Founder Accelerator, Gener8tor, and Defy Ventures. He assists both emerging and expanding companies with their growth, organizational design, and strategic planning.
Social Activism
In his role as vice-chair of the National Action Network’s Second Chance Committee, Scott advocates for incarcerated individuals and their families. He contributes to reentry programs by providing formerly incarcerated people with resources to reintegrate successfully into society and supports their entrepreneurial endeavors via Defy Ventures.