Erez Law is currently investigating former Janney Montgomery Scott LLC financial advisor Scott Palmer (CRD# 817586) regarding unsuitable investments. Palmer was registered with Janney Montgomery Scott LLC in Hackensack, New Jersey from 2007 to 2017, when he was permitted to resign regarding, “Loss of Confidence related to complaint disclosure history.”
Pamer has been the subject of six customer complaints between 1988 and 2017, one of which was withdrawn and one denied, according to his CRD report:
- July 2016. “Claimant alleges that fa made unsuitable investments in her account.” The client sought $125,000 in damages and the case was settled for $75,000.
- January 2015. “Client alleges that the securities purchased in her account were not suitable based on her investment objective and risk tolerance.” The client sought $226,877 in damages and the case was settled for $70,000.
- April 1988. “Alleged unsuitable and excessive option trading, resulting in claimed losses in the amount of $106,775.” The case was settled for $62,500.
- April 1998. “Alleged unsuitable and excessive trading, including options trading, an attempt to reimburse a loss on a trade (one). Alleged losses in excess of $94,000.” The case was settled for $75,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Janney Montgomery Scott LLC may be liable for investment or other losses suffered by Palmer’s customers.
Erez Law represents investors in the United States for claims against former Janney Montgomery Scott LLC financial advisor Scott Palmer, who is alleged to recommend unsuitable investments. If you were a client of Janney Montgomery Scott LLC or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.