Articles Tagged with Janney Montgomery Scott

AdobeStock_99700100-2-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Morgan Stanley registered broker Thomas Niles has broken securities laws and internal firm rules. Allegedly, between July 2012 and December 2014, Niles engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts (UITs) in 148 customer accounts. UITs are investment companies that offer shares of a fixed portfolio of securities in a one-time public offering, and terminate on a specified maturity date. Niles’ recommendations caused the customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions. For this misconduct, Niles was fined $5,000 and suspended for three months from the industry.
A broker like Thomas Niles has a duty to do his due diligence on every security he recommends or sells to his clients, and to take into account the customer’s age, net worth, investment sophistication and investment risk tolerance, among other factors before doing so. If he does not, Morgan Stanley may be liable for investment losses on a contingency fee basis in the FINRA arbitration forum.
Thomas Francis Niles was previously registered with Merrill Lynch in New York, New York from September 1992 until November 1995, Salomon Smith Barney in New York from November 1995 until April 2000, Prudential Securities in New York from April 2000 until July 2003, Wachovia Securities in Latham, New York from July 2003 until March 2009, Morgan Stanley in Saratoga Springs, New York from March 2009 until June 2009 and Morgan Stanley in Saratoga Springs from June 2009 until September 2015. He is currently registered with Janney Montgomery Scott in Saratoga Springs, and has been since September 2015. This is according to his online, FINRA BrokerCheck report.

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating Jack W. Griffith Jr., a registered broker with Janney Montgomery Scott. Griffith has a pending lawsuit against him, alleging that he recommended high-risk energy investments causing damages in excess of $4 million. Griffith allegedly sold clients Linn Energy and Peabody Energy investments, even though both companies are now bankrupt. Energy, oil and gas investments are typically high-risk and illiquid investments that are not suitable for all investors. A broker has a duty to do his due diligence on every security he recommends or sells, and must take into account the client’s age, net worth, investment objectives and investment sophistication before doing so. If he does not, his brokerage firm may be liable for losses on a contingency fee basis, as it had a duty to reasonably supervise him while he was registered there.
Jack W. Griffith Jr., according to his online BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), was previously registered with Merrill Lynch in New York, New York from January 1986 until November 1995, Prudential Securities in New York from November 1995 until July 1998, Legg Mason Wood Walker in Baltimore, Maryland from July 1998 until May 2004, A.G. Edwards & Sons in Sumter, South Carolina from May 2004 until May 2007, Ameriprise in Columbia, South Carolina from May 2007 until October 2009 and Ameriprise in Columbia from October 2009 until January 2014. He is currently registered with Janney Montgomery Scott in Columbia, and has been since January 2014. He has three customer disputes against him, one of which is currently pending. The disputes allege recommendation of unsuitable securities that caused the client’s accounts to be overconcentrated in energy investments, recommendations that were misrepresented, and unsuitable recommendations in companies that declared bankruptcy.

AdobeStock_123495998-1-300x197Were you a victim of Michael Coraggio, a registered representative with Janney Montgomery Scott in New York, New York? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your losses. Mr. Coraggio has been accused of making unsuitable investments in a client’s account, making unauthorized trades, misrepresenting a security, making unsuitable investments based on margin and option agreements and recommending investments that were “too risky.” He has eight customer disputes against him, one of which is currently pending. According to his public record with the Financial Industry Regulatory Authority (FINRA), Mr. Coraggio was registered with GMS Group in Livingston, New Jersey from October 2003 until July 2004, Bergen Capital in Hasbrouck Heights, New Jersey from July 2004 until January 2006, Scott & Stringfellow in Hasbrouck Heights from January 2006 until January 2013 and BB&T Securities in Hasbrouck Heights from November 2012 until September 2014. He is currently registered with Janney Montgomery Scott in New York, New York and has been since August 2014. Please call 312-332-4200 today for a free consultation by an attorney about your options of recovering your investment losses with Michael Coraggio by suing Janney Montgomery Scott on a contingency fee basis.

AdobeStock_9577728-1-300x200Stoltmann Law Offices is investigating Scott Palmer, who allegedly made unsuitable investments, traded excessively and made unauthorized investments. These are against securities rules. His firm, Janney Montgomery Scott, can be held liable for losses because the firm had a duty to reasonably supervise him while he was registered there. We are securities attorneys who take cases on a contingency fee basis in order to recover losses for investors. We try cases in the Financial Industry Regulatory Authority (FINRA) arbitration process. The call to us is free at 312-332-4200 with no obligation. Please call today.

Palmer was registered with Darby & Co. from January 1973 until April 1976, Dean Witter & Co. from January 1976 until February 1978, Dean Witter in Purchase, New York from February 1978 until June 1994, and Citigroup Global Markets in Ridgewood, New Jersey from June 1994 until February 2007. He is currently registered with Janney Montgomery Scott in Hackensack, New Jersey and has been since March 2007. He has five customer disputes against him.

A former Janney Montgomery Scott broker was ordered to pay more than $845,000 to the firm, according to a ruling by the Financial Industry Regulatory Authority (FINRA). The firm won the clawback from David Seigerman, a former vice president of investments in the Bedminster, New Jersey branch. The firm had filed a breach of contract claim in June, a month before FINRA barred Seigerman from the industry. Former clients of Siegerman’s accused him of not doing his fiduciary duty and making unauthorized investments, among other things. His former firm, Morgan Stanley, also clawed back damages from him in the total amount of $243,000. In the Janney case, the FINRA arbitrator ordered him to pay the firm damages plus interest from July 2013.

According to Seigerman’s online BrokerCheck report, he was registered with Robert Thomas Securities, Saperston Financial Inc., LaSalle St. Securities, Donaldson, Lufkin & Jenrette Securities Corp, Jefferson Pilot Securities, Morgan Stanley, Citigroup, Morgan Stanley in Florham Park, New Jersey from June 2009 until August 2013 and Janney Montgomery Scott in Bedminster, New Jersey from July 2013 until March 2016. He has five customer disputes against him and has been permanently barred from the industry.

Stoltmann Law Offices is investigating Douglas Moline, a broker with Janney Montgomery Scott in Stuart, Florida. Scott was accused of recommending the purchase of unsuitable variable annuity products that charged excessive fees. This is against securities rules and regulations. Variable annuity products are similar to mutual funds, but have additional features. They can be very illiquid and risky investments. Moline’s firm, Janney Montgomery Scott, can be held liable for investment losses you may have suffered with Douglas Moline. The firm’s duty is to reasonably supervise him. The firm can be held accountable in the Financial Industry Regulatory Authority (FINRA) on a contingency fee basis. Please call today for your free consultation with one of our securities attorneys.

Douglas Moline was registered with Citigroup Global Market in Stuart, Florida from May 2005 until September 2008 and Janney Montgomery Scott in Stuart since August 2008. He has two customer disputes against him, one of which is currently pending.

According to a recent Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA), Robert Tuffy, while a registered broker with Wells Fargo, executed six trades in two accounts of a customer, without receiving the customer’s authorization. For this, Tuffy was suspended from the industry for 20 business days and fined $5,000. According to his online FINRA BrokerCheck report, Tuffy was registered with McLaughlin, Piven, Vogel Securities, Americorp Securities, WJ Nolan & Co., Gruntal & Co., Ryan, Beck & Co., Janney Montgomery Scott and Wells Fargo Advisors in East Brunswick, New Jersey from September 2006 until November 2015. He has three customer disputes against him, one of which is currently pending. If you invested money with Robert Tuffy, please call our Chicago-based securities law firm today to speak to an attorney to discuss your options of bringing a claim against Wells Fargo for failing to properly supervise its registered representatives. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating George Koulouris, a registered representative with KCD Financial. Koulouris is accused of recommending unsuitable investments, engaging in outside business activities, acting negligently, breaching fiduciary duty, and negligently misrepresenting material facts, among other things. These are all against securities rules and regulations. According to his online FINRA BrokerCheck report, Koulouris was registered with John Hancock Distributors, Nathan, Lewis & Grant, Chase Lincoln First Brokerage Services, Merrill Lynch, Prudential Securities, Janney Montgomery Scott, Essex Capital Markets, McDonald Investments, Pinnacle Investments and Ridgeway & Conger. He is currently registered with KCD Financial in Manlius, New York and has been since 2014. He has seven customer disputes against him, one of which is currently pending. Please call our law offices in Chicago today to speak to an attorney for free if you feel you may have a case against Koulouris. We may be able to sue KCD Financial on your behalf in the FINRA arbitration forum. The call to us is free with no obligation. 312-332-4200.

According to the Tampa Bay Times last week, it was reported that Raymond James, headquartered in St. Petersburg, Florida, was among the top ten firms with the highest misconduct rate of financial advisors. Raymond James ranked 8th highest on the list. Other brokerage firms on the list include Oppenheimer, with the greatest concentration at 19.6%, Wells Fargo Advisors with 15.3% and UBS at 15.14%. Raymond James had a concentration of 13.74%. The findings were relayed in a large-scale study documenting misconduct among financial advisers, “The Market for Financial Adviser Misconduct” issued last month by business professors at the University of Minnesota and the University of Chicago business schools. The researchers found the aforementioned firms to be more tolerant of misconduct than the others, hiring more advisers with records. The researchers also found that many advisers who committed misconduct and were fired, were then hired at another firm within one year. Florida remains a state where there is much broker misconduct because of the large number of elderly retirees who tend to make good targets for unscrupulous brokers. Other firms who made the list were First Allied Securities, Cetera Advisors, Securities America, National Planning Corp, Stifel, Nicolaus and Janney Montgomery Scott. To sue any of these firms on a contingency fee basis, please call us for a free consultation.

Stoltmann Law Offices is investigating David J. Sullivan, a former broker with J.P. Morgan Securities. Sullivan recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is accused of effecting numerous transactions in three accounts of a customer without obtaining prior written authorization from the client. This is against securities rules and regulations. For this, he was suspended from associating with any FINRA member firm in any and all capacities for a period of 15 business days and fined $5,000.

Sullivan was registered with Smith Barney, Harris Upham & Co Inc. from July 1987 until August 1988, A.G. Edwards & Sons in St. Louis, Missouri from August 1988 until January 1990, Lehman Brothers in New York, New York from January 1990 until July 1993, Smith Barney in New York from July 1993 until September 1994, Janney Montgomery Scott in Philadelphia, Pennsylvania from September 1994 until December 1997, UBS Painewebber in Weehawken, New Jersey from December 1997 until May 2002, RBC Dain Rauscher in Wellesley Hills, Massachusetts from May 2002 until October 2007, Banc of America Investment Services in Newton, Massachusetts from October 2007 until October 2009, Merrill Lynch in Newton from October 2009 until September 2011 and J.P. Morgan Securities in Boston, Massachusetts from September 2011 until January 2015. He is currently registered with Winslow, Evans & Crocker in Boston and has been since February 2015. He has two customer disputes against him, according to his FINRA BrokerCheck report.

If you invested money with David J. Sullivan, you may be able to sue his former firm, J.P. Morgan Securities, in the FINRA arbitration forum. They had a duty to reasonably supervise him while he was employed there. They may be responsible for investment losses. Please call our securities law firm in Chicago for a free consultation with an attorney.

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