Joseph Paul McErlean of West Chester, Pennsylvania, a stockbroker registered with Janney Montgomery Scott LLC, was been permitted to resign on September 30, 2021, based upon allegations that McErlean submitted beneficiary documents in violation of company policy.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that McErlean is referenced in four customer initiated investment related disputes concerning McErlean’s conduct while associated with securities broker dealers, including Janney Montgomery Scott LLC. A customer filed an investment related complaint involving McErlean’s conduct in which the customer requested $28,692.65 in damages based upon allegations that McErlean failed to correspond with the customer regarding their stock holdings when McErlean was associated with Janney Montgomery Scott LLC. The securities broker dealer denied this complaint.
On December 3, 2015, a customer initiated investment related FINRA securities arbitration claim involving McErlean’s conduct was settled for $10,000.00 in damages based upon allegations that McErlean made unsuitable recommendations of MBS products. FINRA Arbitration No. 15-01954.
McErlean was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $45,000.00 in damages based upon allegations that McErlean failed to follow instructions and overconcentrated accounts in certain stocks. FINRA Arbitration No. 16-00872 (July 7, 2016).
On December 2, 2016, another customer initiated investment related FINRA securities arbitration claim involving McErlean’s conduct was settled for $145,000.00 in damages based upon allegations that McErlean made unsuitable recommendations of stocks during the time that McErlean was associated with Janney Montgomery Scott LLC. FINRA Arbitration No. 15-02795.
McErlean was associated with Janney Montgomery Scott LLC as a stockbroker from March 11, 1999, to October 18, 2021, and as an investment advisor representative from March 30, 2006, to October 18, 2021. He was associated with Boenning Scattergood Inc. as a stockbroker from October 19, 2021, to February 6, 2023. He has been associated with LPL Financial LLC as both a stockbroker and an investment advisor representative since February 1, 2023.
