SCOTT PALMER Cause Your Losses?

Did Scott Palmer Give You Bad Advice?

Soreide Law Group is investigating potential investor claims against Janney Montgomery Scott general securities representative Scott Palmer (CRD#: 817586, Hackensack, New Jersey). Specifically, the broker, who worked for Janney Montgomery Scott LLC from March 2, 2007 to June 13, 2017, discloses 15 disputes, 10 of which settled through payments to clients. On top of that, FINRA and New Jersey Bureau of Securities barred Palmer from the securities industry. Here’s more on the allegations against Palmer:

Janney Montgomery Client Files Dispute Suggesting Scott Palmer Gave Bad Advice

Apparently, a Janney Montgomery Scott client contested Palmer’s sales practices by filing a complaint on April 23, 2019. Supposedly, Scott Palmer improperly advised the client to invest in OTC equities. Apparently, the client’s investment profile did not support Palmer’s recommendations of those investments. Because of this, the client demanded $414,736.31 in compensation in this pending matter.

Client Of Janney Montgomery Files Dispute Over Palmer’s Allegedly Unsuitable Trades

Janney Montgomery Scott reports another dispute involving Scott Palmer. Supposedly, in this verbal complaint dated March 1, 2019, the client claimed Palmer made unsuitable stock trades. Apparently, stock purchases Palmer made from 2012 to 2017 resulted in the client’s losses. For this reason, on April 11, 2019, Janney Montgomery Scott opted to settle this matter by paying the client $38,000.

Janney Montgomery Client Alleges Scott Palmer Overconcentrated Account In Unsuitable Energy Stocks

Evidently, a client of Janney Montgomery Scott filed FINRA Arbitration #: 18-00413 on February 1, 2018 concerning Scott Palmer. Allegedly, Palmer placed the client in bad investments including common and preferred energy sector stock. Not only that, but Palmer supposedly overconcentrated the client’s account in the unsuitable investments, increasing risks to the client. Evidently, on April 2, 2019, Janney Montgomery Scott paid the client $300,000 to resolve the matter.

FINRA Bars Scott Palmer For Non-Cooperation In Investigation

Evidently, FINRA barred Scott Palmer from the securities industry on April 10, 2018 for violating FINRA Rules 8210 and 2010 by failing to testify about his possible suitability violations. It appears that Janney Montgomery disclosed to FINRA in 2017 that it disaffiliated with Palmer because of numerous client disputes. Indeed, FINRA shows that in most disputes, clients objected to Palmer’s unsuitable transactions which caused them to experience losses. Evidently, one or more clients also alleged that Palmer made trades without authorization, misrepresented information, or excessively traded in the client’s account.
FINRA asked Palmer to testify on February 14, 2018 but Palmer said he would not appear. In fact, Palmer confirmed he would not testify at any point. For this reason, he is not allowed, under any circumstances, from being a securities broker or associating with a FINRA member brokerage firm.

Suffered losses by investing with Scott Palmer? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.