Saturday, August 15, 2015

Schvey v Janney Montgomery Scott - $427,000 Churning Award

In August 2015, a FINRA arbitration panel in New York, NY ordered Janney Montgomery Scott to pay $427,000 in compensatory damages after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts and invested in unsuitable investments. The award is the well-managed account damages based on a 40% stock, 60% bond portfolio. You can read the award here. Dr. McCann testified to the egregiousness of the churning and damages on behalf of the Claimant.

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