In March 2020, a former client of Janney Montgomery Scott, LLC won an award in a FINRA arbitration for compensatory damages for $152,674 plus 9% interest per annum until the sum is paid in full, plus fees for a total of $199,178 in damages granted. The investors were clients of broker Tracey Schusterman (CRD# 1432242).
The causes of action included unsuitability, securities fraud, breach of fiduciary duty, breach of duty of good faith and fair dealing, negligence, violation of FINRA rules and securities industry regulations, failure to supervise, breach of contract, prima facie tort, and unauthorized trading. The causes of action relate to unspecified securities. The FINRA arbitration hearing was conducted in New York, New York.
Schusterman has been registered with Janney Montgomery Scott LLC in New York, New York since 2017. Previously, Schusterman was registered with RBC Capital Markets, LLC in New York, New York from April to September 2017. Schusterman has also been the subject of one additional settled customer complaint from 2011.
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 Schusterman’s customers.
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