Did you suffer investment losses with Janney Montgomery Scott (CRD# 463) (SEC# 801-7258, 8-462)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Janney Montgomery Scott. If you suffered losses investing with Janney Montgomery Scott, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of May 5, 2020, Janney Montgomery Scott’s FINRA BrokerCheck Report contains the following:
48 Regulatory Event Disclosures
66 Arbitration Disclosures
1 Bond Disclosures
UPDATE 5/27/2020: In March 2020, a former client of Janney Montgomery Scott, RBC Capital Markets, and Tracey Schusterman won an award in a FINRA arbitration for compensatory damages for $152,674 plus 9% interest per annum until the sum is paid in full, plus fees for a total of $199,178 in damages granted.
UPDATE 4/10/2020: The Massachusetts Securities Division has fined Janney Montgomery Scott LLC more than $286,000 and ordered the broker-dealer to pay nearly $164,000 in restitution to investors after one of its brokers engaged in short-term trading of mutual funds. In a complaint filed last year, the state regulators accused Janney Montgomery Scott of failing to supervise its agent, Stephen Querzoli, for short-term trades involving Class A shares of mutual funds. Stephen Querzoli purportedly generated nearly $200,000 in commissions and fees over a 6-year period.
Main Office Location
1717 ARCH STREET
PHILADELPHIA, PA 19103
1717 ARCH STREET
PHILADELPHIA, PA 19103
Business Telephone Number
Janney Montgomery Scott’s Direct Owners and Executive Officers
INDEPENDENCE SQUARE PROPERTIES LLC, LLC MEMBER
BELLICINI, SCOTT CHARLES (CRD#:1236524), ROSFP
CULLEY, JOSEPH DAVID (CRD#:4275987), BANKING PRINCIPAL (BP)
DOWNEY, DANEEN ELIZABETH (CRD#:4758790), DEPUTY GENERAL COUNSEL
DUHAN, ELIOT DANIEL (CRD#:4705354), CHIEF COMPLIANCE OFFICER
LEMPA, JESSICA ELLEN (CRD#:5276453), IA CCO
LOMBARD, JEROME FRANCIS JR (CRD#:1066832), EXECUTIVE OFFICER
MCDONNELL, EILEEN CLAIRE (CRD#:2483663), DIRECTOR
MCSHEA, GREGORY BURNS (CRD#:2870963), GENERAL COUNSEL
MILLER, ANTHONY MATHEW (CRD#:4597116), SENIOR VICE PRESIDENT, TREASURER, FINANCIAL OPERATIONS PRINCIPAL
MULLAN, DAVID MICHAEL (CRD#:2739186), PRINCIPAL OPERATIONS OFFICER
O’MALLEY, DAVID MICHAEL (CRD#:4468593), DIRECTOR
SCHEVE, TIMOTHY CHARLES (CRD#:1319072), PRESIDENT/CEO/MANAGER
Due Diligence Requirement
FINRA requires broker-dealers to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Broker-Dealers that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
Formerly Known As, Aliases, and Affiliates
PARKER/HUNTER ASSET MANAGEMENT, PARKER/HUNTER ASSET MANAGEMENT