Scott William Palmer Barred by FINRA

Scott William Palmer has worked in the securities industry for forty-four years. During his career he has worked for five different securities firms. From 1973 to 1976 he worked for Darby and Co. From 1976 to 1978 he worked for Dean Witter & Co. Inc. From 1978 to 1994 he worked for Dean Witter Reynolds Inc. From 1994 to 2007 he worked for Citigroup Global Markets. From 2007 to 2017 he worked for Janney Montgomery Scott.

Scott William Palmer’s FINRA BrokerCheck report shows that he has been the subject of twelve customer complaints. The first one was brought forward in 1988. The customer alleged unsuitable and excessive trading, including options trading, an attempt to reimburse a loss on a trade. Losses allegedly totaled $94,000. This case was settled for $75,000.

The second customer complaint was also brought forward in 1988. The customer alleged unsuitable and excessive option trading resulting in alleged losses totaling approximately $107,000. This case was settled for $62,500.

The third complaint was brought forward in 2015. The customer alleged that the securities Palmer purchased from her account were not suitable to her investment objective and risk tolerance. This case was settled for $70,000.

The fourth complaint was also brought forward in 2015. The client alleged that Scott William Palmer provided her with inaccurate information regarding the potential income earned on her account. This case was denied.

The fifth complaint was brought forward in 2016. The customer alleged that Palmer made unsuitable investments in her account. This case was settled for $75,000.

The sixth complaint was brought forward in April of 2017. The customer alleged that Palmer purchased securities in his account without his authorization. This complaint was withdrawn.

In May of 2017, Scott William Palmer was urged to resign from Janet Montgomery Scott by his employers due to his extensive history of customer complaints.

The seventh complaint was brought forward in July of 2017. The customer alleged that Palmer made unsuitable investments by creating a high concentration of energy stocks with in the customer’s portfolio. This case is currently pending. The amount being requested in damages has not yet been disclosed.

The eighth complaint was also brought forward in July of 2017. The customer also alleged that Palmer made unsuitable investments by creating a high concentration of energy stocks with the customer’s portfolio. This case was settled for $55,000.

The ninth complaint was brought forward in December 2017. Like the two customers above, this customer also complained that Palmer made unsuitable investments in their account and over concentrated the securities purchased in the energy sector. This case is currently pending. The customer is requesting $5,000 in damages.

The tenth customer complaint was brought forward in January of 2018. The customer alleged that Palmer made unsuitable investments in their account. This case is currently pending. The customer is seeking $5,000 in damages.

The eleventh customer complaint was brought forward in February in 2018. The customer alleged that Palmer made unsuitable investments in their accounts and, just like his other complaints, over-concentrated the portfolio with securities in the energy sector. This case is currently pending. The customer is seeking half a million dollars in damages.

His twelfth, and final, customer complaint was brought forward in March of 2018. The customer alleged that Palmer made unsuitable investments in her accounts. This case is currently pending. The customer is seeking $100,000 in damages.

In April of 2018, Scott William Palmer was sanctioned by FINRA for failing to appear for the on-the-record testimony that FINRA requested while investigating potential suitability violations. Due to his failure to appear for said testimony, Scott William Palmer was barred by FINRA from acting as a securities broker in any fashion.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Scott William Palmer, please contact Oakes & Fosher for a free and private consultation.