Scott William Palmer of Hackensack New Jersey is a stockbroker formerly registered with Janney Montgomery Scott LLC who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to make an appearance before FINRA personnel and testify in regard to allegations that he effected unsuitable transactions in customer accounts. Letter of Acceptance Waiver and Consent No. 2016051156901 (Apr. 10, 2018).
According to the AWC, on February 2, 2018, FINRA submitted a request to Palmer for him to provide recorded testimony before FINRA personnel in reference to accusations against him of committing suitability violations. The AWC stated that on February 14, 2018, Palmer contacted FINRA staff to confirm that he understood what was asked of him but declined to participate at any point in FINRA’s investigation. FINRA found that Palmer violated FINRA Rules 2010 and 8210 by failing to cooperate in that regard.
FINRA Public Disclosure confirms that Palmer has been referenced in twelve customer initiated investment related disputes that pertain to allegations of Palmer’s violative conduct. In particular, a customer filed an investment related arbitration claim regarding Palmer’s conduct in which the customer sought more than $5,000.00 in damages based upon accusations that Palmer effected equity transactions in the customer’s account that were not suitable for the customer. FINRA Arbitration No. 18-00153 (Jan. 17, 2018).
Then, a customer filed an investment related arbitration claim involving Palmer’s activities where the customer requested $100,001.00 in damages founded on allegations of suitability with regard to common and preferred stock transactions placed in the customer’s investment portfolio. FINRA Arbitration No. 18-00287 (Jan. 24, 2018). Another customer filed an investment related arbitration claim pertaining to Palmer’s conduct in which the customer sought $500,000.00 in damages supported by accusations that unsuitable investment transactions had been placed by the financial advisor in the customer’s account, over-concentrating the customer’s assets in energy-sector investments. FINRA Arbitration No. 18-00413 (Jan. 31, 2018).
Palmer was terminated by Janney Montgomery Scott LLC on May 24, 2017 based upon allegations that he accrued so many customer complaints that the firm lost confidence in him.
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