April 2018-Hackensack, New Jersey
The FINRA records of Scott W. Palmer , a currently unregistered broker who last worked for Janney Montgomery Scott disclose 5 pending and 6 prior customer disputes. Many of these customer disputes allege an overconcentration of energy sector investments.
In April 2018, Palmer refused a FINRA request to appear for testimony in connection with a FINRA investigation into potential suitability violations related to investment recommendations made to customers of Janney Montgomery Scott. As a result of his refusal to cooperate with the investigation he was barred from the securities industry by FINRA.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In one of the currently pending FINRA arbitrations-# 18-0413, a customer of Janney Montgomery Scott alleges that Palmer made unsuitable investments and over concentrated their accounts with energy investments. Damages of $500,000 are alleged.
Palmer was employed by Janney Montgomery from 3/2007-6/2017. In 5/2017 Palmer was permitted to resign from Janney Montgomery Scott due to a loss of confidence related to complaint disclosure history.
If you have losses in an account in an account handled by Scott W. Palmer , contact us for a no charge consultation to discuss how you may be able to recover damages for those losses through FINRA arbitration.
Brokers have a duty to make suitable recommendations to their customers taking into account the age, health, and risk tolerance of the customer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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