Janney Montgomery Scott sucks!

Discussion in 'Philadelphia Business' started by ZZZZTop, Dec 25, 2016.

  1. ZZZZTop

    ZZZZTop Member

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    Janney Montgomery Scott is a financial and wealth management firm headquarters here in Philadelphia, PA.
    The Corporate Headquarters is located on 1717 Arch Street, Philadelphia, PA 19103.
    I was a former client and had filed a complaint with FINRA against one of their financial adviser/stockbroker - this women churned my retirement account and made multiple, unscrupulous trades in my account that only benefited her at my expense.
    Well it took over a year for the investigation and I received a letter from FINRA deciding that no violations were committed (although it was clear that my broker made more money in fees and commissions than she made for me in my retirement account, in fact my investment total is less today then when I started investing with Janney several years ago).
    After all was said and done, no penalty, no fault, no actions were charged against this broker.
    They dust their hands off, kept my money and walked away to victimize other unsuspecting clients!

    Janney's mission statement is a complete LIE!
    Putting clients first is ingrained in the way we do business. When combined with our shared values, a spirit of continuous improvement and a strong commitment to diversity, we create a team of employees that are passionate about achieving successful results for our clients.

    Greedy evil bastards!
    Since the FINRA route was unsuccessful, can anyone suggest other ways of filing or voicing my complaint?
    Is there an "Angie's List" reviews specific for stockbrokers???
    I would love to tell my story and warn the public!
     
  2. billy ross

    billy ross Well-Known Member

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    Caveat emptor. You should monitor your investments and be comfortable with what you own. If that is beyond you, you should have your money with Vanguard, so you'll make what the market makes.
     
    fiveomar and Tartan69 like this.
  3. Bixbyte

    Bixbyte Well-Known Member

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    Cocksmokers run our country since you are only allowed arbitration and the panel always contains arbiters not in your best interest.
    OUR SYSTEM IS BROKEN.
    If you were allowed a trial they would have paid you back for churning and burning you.
    Let them make fun of other countries and investments.
    BUT our country really does suck to direct your retirement accounts.
    Even our stock market is run with more fraud than Canada.
    And those crooks have penny stock Vancouver.
    Only benefits we have in the USA are Medicare and SS.
    Hey Death with no Dignity!
     
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  4. Tartan69

    Tartan69 Pawn in game of life

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    IMO, investment brokers that make profit on trade commissions are a complete waste of money for 75% of the population. The only type of broker that the average person should be using are ones that make profit only when the client makes profit.

    I agree with Billy -- caveat emptor + index funds.
     
    fiveomar likes this.
  5. Lee TM

    Lee TM Member

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    There is no Angie's List specific to stockbrokers but there are many consumer/customer complaint sites.
    For example:
    Google "Pearl Lee Janney" and read her negative reviews posted on most/all of them.
     
  6. jennjenn

    jennjenn Member

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    Interesting!
    Google the name: "Lisa J. Lowi" (aka. Lisa Jacqueline Lowi, Lisa Lowi, Lisa Jacqueline Vineberg) of West Palm Beach, FL - she's a disbarred financial advisor also from Janney Montgomery Scott - barred by FINRA recently in 2017.
    "Lisa Lowi" is mentioned all over the internet - mostly from Securities lawyer websites and legal blogs. And the ONLY way and reason why she got mentioned in all these sites is because of multiple disclosures cited by FINRA.

    But this doesn't help ZZZTop's initial ask:
    "Since the FINRA route was unsuccessful, can anyone suggest other ways of filing or voicing my complaint?"

    I looked up Pearl Lee (Philadelphia, PA) on FINRA BrokerCheck - no disclosures.
    But when you google "Pearl Lee Janney", I found multiple complaints about her on yelp, ripoffreport, pissedconsumer, complaintsboard, etc - ALL consumer complaint websites. In reading these complaints, my guess is Ms. Pearl Lee must have found a way to rip off her clients but was able to circumvent the rules/law so not be cited by FINRA (does this sound familiar to your case, ZZZTop?).

    Which of these 2 women did the most damage, its hard to say although Ms. Lisa Lowi's actions did get her disbarred.
    But if you were to google: "Janney Montgomery Scott complaints" or similar keywords - it was much easier to find complaints against Pearl Lee on the web than it was to find Lisa Lowi.

    So there you go! There may not be an Angie's List for stockbrokers, but there are Consumer Complaint websites. Use them to tell your story and warn the public! Good Luck!
     
    #6 jennjenn, Jan 14, 2018
    Last edited: Jan 14, 2018
  7. phillip4321

    phillip4321 Member

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    Yes!
    Financial Advisors, Stockbrokers, Stock traders - whatever title they give themselves nowadays, they are ranked within the top 10 despised professions. They are right up there next to Lawyers, Politicians, Used Car Salesman and even Metermaids.
    Ranking the world's most despised professions
    The worst of the worst among these stock brokers are those whose salary are based 100% by commission. The more trading activity in your account, the more money they make and greed is a strong motivator.
    I had family and friends (including myself) that had been screwed by these full-service brokers and more likely than not, protection by FINRA and the SEC is minimal to none, they tend to side with the brokerage firms. And only if their actions are egregious enough, they would then be cited with a violation by FINRA.
    Unfortunately, my family, friends and myself did not get the justice we deserved after being cheated by these people.


    I looked up Lisa Lowi, she is no longer a stockbroker (she is disbarred) but now a FL realtor with Coldwell Banker homes.
    Here is her public pic:
    [​IMG]

    And here is Pearl Lee - she is still a broker at Janney Montgomery Scott.
    Yeah, although she has no FINRA violations, she does have alot of negative reviews.
    [​IMG]

    Like with seeking or hiring any professions, always do your research online.
    Google is your friend, use it to seek and find if there are any reviews and complaints.
     
  8. Lee TM

    Lee TM Member

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    Pearl Lee may still be employed at Janney as a stockbroker but her unscrupulous and greedy actions did not escape the internet wrath of her angry and unhappy client. Poetic Justice?

    [​IMG]
     
  9. phillyaggie

    phillyaggie Well-Known Member

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    There was some news in the Philly Deals section of the Inky this week-- JMS bought out another small outfit from Atlanta, after buying out a smaller broker in Baltimore late last year. Janney had sold off a part of their business after the 2009 recession, the part dealing with making banking deals. Now they're trying to rebuilding it-- I'm guessing because they see more small banks buying each other out or getting bought out by bigger banks... and they want in on that advisory business.
     
  10. phillyaggie

    phillyaggie Well-Known Member

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    It's really pathetic that Philly doesn't have much larger and more such financial companies here. Probably goes to show how shittastic the local business climate is... you have one of the world's top business schools in town but you have practically zero places for those grads in town, so they all go elsewhere to run or start new businesses. Janney is part of the larger Penn Mutual, which is HQ'd out in the suburbs, away from city's red tape and taxes.
     
  11. MacAttack

    MacAttack Member

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    I got curious and started searching online and immediately found this Yelp review about Janney Montgomery Scott.
    This review was dated back in 2015 and it describe how this broker did the same stunt as the scandal that fined Wells Fargo Bank last year 2018.
    I posted this about Wells Fargo screwing their customers by manipulating their accounts for bonuses.
    If you are a Wells Fargo customer - Fire them!

    Here is a snippet of that Yelp review:
    "Few years ago, I liquidated some stocks from my IRA that was performing poorly and asked Pearl to withdraw $31,000 for personal emergency. She did without hesitation.
    But here's what happened, in December of that same year, Pearl made another $31,000 exact amount withdraw from the same IRA account.
    However, after the withdraw, she recanted and deposited that amount back into my account.
    By doing this, she can cleverly explain, "Opps sorry, I made a mistake but immediately corrected it. No harm".
    Well I strongly believe this was completely intentional.
    How convenient for this "mistake" to happen on the last business day of December.
    In addition, making a withdraw on an IRA cannot be a simple keystroke "mistake", there are penalties involved for the client. To withdraw, Pearl must authorize the amount, add her password and do a verification for this action to be executed.
    When Janney evaluated my IRA portfolio, all they look at is the starting balance and ending balance. They would calculate any amount contributed into my IRA and of course, any withdrawals. Since the transaction code for withdraws are the same, the 2 withdrawals were factored in giving the illusion I had took home $62,000.
    They did not factor in that other code that nullified the 2nd withdraw in December.
    So for an account that was performing poorly, Janney would see and believed Pearl did an excellent job and made money in my IRA (and that of course would dictate bonuses, rewards or advancements, if any, for her)"

    Read the rest here.

    If you ever find such nefarious and unauthorized transactions in any of your financial account, they are NOT accidental but deliberate!
    Fire them!
     

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