{"id":7100,"date":"2019-05-17T10:42:28","date_gmt":"2019-05-17T15:42:28","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7100"},"modified":"2022-05-17T14:18:23","modified_gmt":"2022-05-17T19:18:23","slug":"janney-montgomery-scott-broker","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/janney-montgomery-scott-broker\/","title":{"rendered":"Former Janney Montgomery Scott Broker Faces Charges"},"content":{"rendered":"

\t\t\t\tMassachusetts Secretary of the Commonwealth William Galvin <\/a>has filed charges against broker-dealer Janney Montgomery Scott accusing the firm of not properly supervising<\/a> broker Stephen Querzoli during his trading of Class A mutual fund shares from 2012 to 2017. According to the state regulator, these alleged mutual fund sales violations caused investors, mostly older customers, to pay nearly $200K in unwarranted commissions that were shared between Janney and Querzoli.<\/p>\n

Class A mutual fund shares usually charge higher fees of up to 5.7% at the front-end. They also lead to higher commissions for the investment advisers and brokers selling them compared to what other mutual fund class shares would render.<\/p>\n

Although Class A shares are meant to be held for at least five years, according to the Massachusetts regulator, Querzoli would sell clients\u2019 Class A shares within months of their acquiring them, thereby engaging in short-term trading. This resulted in higher and additional commissions charged to customers.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Massachusetts Secretary of the Commonwealth William Galvin has filed charges against broker-dealer Janney Montgomery Scott accusing the firm of not properly supervising broker Stephen Querzoli during his trading of Class A mutual fund shares from 2012 to 2017. According to the state regulator, these alleged mutual fund sales violations caused investors, mostly older customers, to […]<\/p>\n","protected":false},"author":2,"featured_media":7095,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3783,3774,3799,3830],"tags":[3406,3407],"class_list":["post-7100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-broker-misconduct","category-broker-dealers","category-mutual-funds","category-short-term-trading","tag-janney-montgomery-scott","tag-stephen-querzoli"],"yoast_head":"\nFormer Janney Montgomery Scott Broker Faces Charges — Investor Lawyers Blog — May 17, 2019<\/title>\n<meta name=\"description\" content=\"Broker-dealer Janney Montgomery Scott is being accused of not properly supervising broker, Stephen Querzo in alleged mutual fund sales 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