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INVESTOR WARNING—Former Janney Montgomery Broker, Scott William Palmer, Barred From Industry By FINRA

The Wolper Law Firm is currently investigating claims against Scott Palmer, a former Financial Advisor at Janney Montgomery in Hackensack, New Jersey.  Scott Palmer has been in the securities industry since 1973 and previously worked at Citigroup, and Dean Witter.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 10, 2018, FINRA barred Scott Palmer from working as a Financial Advisor after he failed to cooperate with an investigation regarding his sales practices.  A copy of the sanction can be accessed by clicking https://www.finra.org/sites/default/files/fda_documents/2016051156901%20Scott%20W%20Palmer%20CRD%20817586%20AWC%20sl.pdf

In 2017, Scott Palmer resigned from Janney Montgomery after a “loss of confidence related to complaint disclosure history,” which included five (5) customer complaints for “unsuitability,” “excessive trading” and other sales practice violations.  Since his resignation, six (6) additional customer complaints have been filed and remain pending, including the following:

  • March 2018—“Claimant alleges that financial advisor made unsuitable investments in her account.” Alleged damages are $100,000 and the matter remains pending.
  • February 2018—“Claimants allege that financial advisor made unsuitable investments and overconcentrated in the energy sector.” Alleged damages are $500,000 and the matter remains pending.
  • July 2017—“Claimant alleges that FA made unsuitable investments by creating a high concentration in energy stocks…” The alleged damages are $235,000 and the matter remains pending.

To review the entire disclosure history for Scott Palmer, click https://brokercheck.finra.org/individual/summary/817586#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Scott Palmer and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.

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