Scott William Palmer of Hackensack New Jersey a stockbroker employed by Janney Montgomery Scott LLC has been identified in a customer initiated investment related complaint on April 23, 2019 where the customer sought $414,736.31 in damages founded on accusations that the customer was provided with defective investment advice from Palmer during the time that he was employed by Janney Montgomery Scott. The claim also alleges that over-the-counter equities trades were not suitable because of being incompatible with the customer’s investment profile.
This is not the first time that Palmer has been referenced in a customer initiated investment related dispute pertaining to allegations of his bad business practices in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Palmer is also referenced in a customer initiated investment related complaint on November 28, 2018 in which the customer requested $20,000.00 in damages supported by allegations that mutual fund trades that were recommended for the customer’s Janney Montgomery Scott account were not appropriate as they conflicted with the customer’s conservative objectives for investing.
On April 11, 2019, a customer initiated investment related complaint in reference to Palmer’s conduct was resolved for $38,000.00 in damages based upon accusations that the customer sustained unwarranted losses because of the stockbroker’s unsuitable equities trading between September of 2012 and June of 2017 during which time he was associated with Janney Montgomery Scott.
FINRA Public Disclosure reveals that Palmer has been barred from associating with any FINRA member in any capacity based upon findings of the stockbroker obstructing a FINRA investigation into allegations of his unsuitable recommendations or trading in customer accounts while associated with Janney Montgomery Scott. Letter of Acceptance Waiver and Consent No. 2016051156901 (Apr. 10, 2018).
According to the AWC, a Form U5 had been submitted by Janney Montgomery Scott to FINRA revealing that Palmer was terminated based upon the securities broker dealer’s loss of confidence in him because of his disclosures. This prompted an investigation by FINRA. Palmer was sent a request to testify for FINRA on February 2, 2018. The regulator received confirmation from Palmer on February 14, 2018 that he received the request but would not be making any appearance at any point to testify in its investigation. FINRA determined that the stockbroker violated Rule 8210.
Palmer has also been issued an Order by New Jersey Bureau of Securities denying and revoking his securities registration as a stockbroker or investment adviser representative founded on Palmer being expelled by a self-regulatory organization. In the Matter of Scott W. Palmer (July 11, 2018).