Securities Arbitration Lawyers BlogFINRA-barred Janney Montgomery Scott Broker Under Investigation for FINRA Arbitrations
Silver Law Group is investigating recently-FINRA-barred former Janney Montgomery Scott LLC (CRD# 463) broker David A. Seigerman (CRD# 2200011).
FINRA permanently barred Seigerman after he failed to respond to a FINRA request for information. The FINRA bar follows a suspension the regulatory body levied on Seigerman in April 2016 for failing to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
Seigerman, based out of New Jersey, has a total of seven disclosures on his FINRA BrokerCheck report, including the two regulatory proceedings noted above. He currently has one FINRA arbitration pending that alleges failure to follow instruction and breach of fiduciary duty, among other things. The FINRA arbitration alleges damages in the amount of over $350,000. Additionally, another FINRA arbitration settled in September 2010 for $43,000 that alleged unauthorized trading.
FINRA’s BrokerCheck tool is a valuable way to examine a broker’s background. The investor tool discloses FINRA arbitrations that have been settled, are pending or have been denied; bankruptcies, civil judgments and tax liens; employment separations and other discharges; criminal proceedings; and regulatory actions. According to an InvestmentNews report, only about 12 percent of financial advisors have any type of disclosure events on their records.
Seigerman’s seven disclosures is high by that measure. All of them allege unauthorized trading or unsuitable recommendations.
Janney employed Seigerman from July 2013 to March 2016. Prior to that time period, he was employed by Morgan Stanley (CRD# 149777) from June 2009 to August 2013.
Our lawyers are experienced in sifting through loads of information and numerous documents to investigate whether or not a broker or brokerage firm committed securities fraud or misconduct. Our lawyers have collectively won millions of dollars for our clients, and fight every step of the way to ensure the best possible outcome.
If you have invested with David A. Seigerman and Janney Montgomery Scott LLC or Morgan Stanley and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.