Scott William Palmer of Hackensack, New Jersey, a stockbroker associated with Janney Montgomery Scott, was terminated from employment on May 24, 2017, based upon allegations that the firm lost confidence in him after learning of the customer complaints that had been lodged against him.
Particularly, Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on April 24, 2015, a customer initiated investment related written complaint regarding Palmer’s activities was resolved for $70,000.00 in damages based upon accusations that Palmer effected over-the-counter equities transactions in the customer’s investment account that were not suitable for the customer in consideration of the customer’s tolerance for risk and objectives for investing. Another customer initiated investment related arbitration claim involving Palmer’s conduct was settled for $75,000.00 in damages supported by allegations that Palmer made unsuitable stock recommendations to the customer. FINRA Arbitration No. 16-02086 (Dec. 15, 2016).
Subsequently, on April 14, 2017, a customer filed an investment related written complaint regarding Palmer’s activities, alleging that stocks were purchased without the customer’s consent. Then, a customer filed an investment related arbitration claim involving Palmer’s conduct, where Palmer was accused of having effected unsuitable investment transactions and overconcentrating the customer’s investments in the energy sector. FINRA Arbitration No. 17-01844 (July 13, 2017).
Afterward, a customer filed an investment related arbitration claim regarding Palmer’s activities, in which the customer sought more than $5,000.00 in damages founded on accusations of suitability and over-concentration in the energy stocks held within the customer’s investment portfolio. FINRA Arbitration No. 17-01882 (July 19, 2017).
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