Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 17, 2016 indicate that Pennsylvania-based Janney Montgomery Scott broker/adviser Joseph McErlean has received settled or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Fitapelli (CRD# 2463560).
Joseph McErlean has spent 22 years in the securities industry and has been registered with Janney Montgomery Scott in Berwyn, Pennsylvania since 1999. He was previously registered with Salomon Smith Barney in New York, New York (1994-1999). He is a registered broker and investment adviser with 31 US states and territories.
According to his BrokerCheck report, Joseph McErlean has received one customer complaint and two pending customer complaints.
In April 2015, a customer alleged Joseph McErlean, while employed at Janney Montgomery Scott, over-concentrated her account and failed to implement a sale order. The customer is seeking damages exceeding $5,000 in the pending complaint.
In October 2015, a customer alleged Joseph McErlean, while employed at Janney Montgomery Scott, recommended unsuitable investments. The customer is seeking $375,000 in damages in the pending complaint.
In 2014, a customer alleged Joseph McErlean, while employed at Janney Montgomery Scott, made an inappropriate recommendation to purchase mortgage-backed securities that resulted in losses. The complaint settled in October 2015 for $10,000, to which Mr. McErlean individually contributed $10,000.
In 1999, Joseph McErlean was discharged from his position at Salomon Smith Barney following allegations that he exercised unauthorized discretion over an account.
Concentration, or “over-concentration,” refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Joseph McErlean, you may be able to collect lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.