A Murphy & McGonigle team led by shareholder Ted Snyder recently prevailed in a FINRA arbitration filed against our client, broker-dealer Janney Montgomery Scott, LLC. Following six days of hearings, the arbitration panel unanimously dismissed a claim for $2 million in damages by a former retail customer alleging that the broker had improperly invested her account in bonds and risky energy securities.
In addition to dismissing the claims in their entirety, the Panel recommended expungement of the broker’s CRD records, affirmatively finding the claimant’s credibility to be lacking and that the broker’s testimony was “more thorough and convincing.”
Murphy & McGonigle’s Broker-Dealer Advisory & Counseling Practice has a deep understanding of the complex and constantly changing regulatory environment in which financial institutions operate. The group is nationally recognized, having been cited by Chambers USA as “a busy broker-dealer outfit that continues to consolidate its position in the marketplace” and “comprises a number of talented individuals with decades of experience in the broker-dealer space.”