Scott W. Palmer – Janney Montgomery Scott – Investigation
The White Law Group is investigating potential claims involving Janney Montgomery Scott and the liability they may have for failing to supervise financial advisor Scott W. Palmer.
According to a Letter of Acceptance, Waiver and Consent posted on FINRA’s website yesterday, the regulator has barred New Jersey Financial Advisor Scott W. Palmer from the securities industry.
In connection with an investigation into potential suitability violations while employed at Janney Montgomery Scott, on February 2, 2018, FINRA staff reportedly sent a request to Palmer for on-the-record testimony.
As stated in his email to FINRA staff on February 14, 2018, Palmer acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time. By refusing to give testimony, Palmer has been barred by FINRA from working in the securities industry.
According to his FINRA BrokerCheck Report, Palmer was registered with Janney Montgomery Scott in Hackensack, NJ from March 2007 until he was terminated in June 2017 for “Loss of Confidence related to complaint disclosure history.” He has 11 customer disputes listed on his broker report. Allegations include unsuitable investments in energy stocks, unauthorized transactions, and excessive trading among others.
For FINRA’s full findings see FINRA case #2016051156901.
How to Recover Investment Losses
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If it can be determined that the broker dealer failed to properly supervise their agent, the firm can be held responsible for any losses in a FINRA arbitration claim.
If you suffered losses investing with Scott W. Palmer, The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information, please visit our website, www.whitesecuritieslaw.com.
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