Scott William Palmer of Hackensack, New Jersey, a stockbroker formerly employed by Janney Montgomery Scott LLC, is referenced in a customer initiated investment related written complaint on August 24, 2021, in which the customer requested compensatory damages founded upon allegations that their funds were mismanaged between January of 2011 and June of 2017 when Palmer was employed by Janney Montgomery Scott. The complaint alleges that the customer sustained damages on over-the-counter equities transactions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Palmer has been identified in fifteen additional customer initiated investment related disputes regarding accusations of his misconduct while employed by securities broker-dealers, including Janney Montgomery Scott. On November 1, 2018, a customer initiated investment related FINRA securities arbitration claim involving Palmer’s activities was resolved for $50,000.00 in damages supported by accusations that unsuitable stock trades were made in the customer’s account by Palmer. FINRA Arbitration No. 18-00153.
Palmer is the subject of a different customer initiated investment related written complaint on November 28, 2018. The customer sought $20,000.00 in damages based upon allegations of receiving bad investment advice from Palmer when he was a financial advisor at Janney Montgomery Scott. The complaint alleges that Palmer’s trading conflicted with the customer’s investment objectives.
On February 22, 2019, another customer initiated investment related FINRA securities arbitration claim concerning Palmer’s conduct was settled for $32,500.00 in damages founded upon accusations of Palmer’s unsuitable trading of common and preferred stock at Janney Montgomery Scott. FINRA Arbitration No. 18-00287.
Palmer is also referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $300,000.00 in damages supported by allegations that Palmer caused the customer’s account to be overconcentrated in energy investments. FINRA Arbitration No. 18-00413 (April 2, 2019). The claim alleges that Palmer’s unsuitable stock trading at Janney Montgomery Scott resulted in damages to the customer.
On April 11, 2019, another customer initiated investment related FINRA securities arbitration claim regarding Palmer’s activities was settled for $38,000.00 in damages based upon accusations of unsuitable trades by Palmer for the customer’s trust account between 2012 and 2017. The stockbroker is also the subject of a customer initiated investment related written complaint on June 8, 2021, in which the customer requested $414,736.31 in damages founded upon allegations of Palmer’s unsuitable recommendations of over-the-counter equities trades for the customer’s Janney Montgomery Scott account. FINRA Arbitration No. 21-01462 (June 8, 2021).
FINRA Public Disclosure additionally reveals that Palmer has been barred from associating with any FINRA member in any capacity supported by accusations that he failed to comply with a FINRA investigation concerning allegations of his unsuitable transactions while he was associated with Janney Montgomery Scott LLC. Letter of Acceptance Waiver and Consent No. 2016051156901 (April 10, 2018).
Palmer’s stockbroker registration was also revoked by New Jersey Bureau of Securities on July 11, 2018, based on findings of Palmer being expelled by FINRA.
Palmer was registered with Janney Montgomery Scott between March 2, 2007, and June 13, 2017.