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Joseph Mcerlean Permitted to Resign from Janney Montgomery Scott After Allegedly Violating Firm Policy

Feb 16, 2022 Employment

Joseph McErlean (CRD #:2463560), a broker registered with Boenning & Scattergood, was permitted to resign from his position at Janney Montgomery Scott, according to his BrokerCheck record, accessed on February 2, 2022. He is also an investment advisor registered with 1914 Advisors.

Resignation Details

On September 30, 2021, Joseph McErlean was permitted to resign from his position at Janney Montgomery Scott after allegedly violating firm policy related to the filing of a beneficiary form at the request of a deceased client's heir. 

Unsuitability Allegations

On November 2, 2015, Joseph McErlean was involved in an investor dispute alleging unsuitable investment allegations. The case was settled for $145,000.

A financial advisor who recommends a security or investment is subject to ethical standards. One such standard is known as the suitability rule, described in FINRA Rule 2111. 

FINRA Rule 2111 requires registered financial advisors to have a "reasonable basis" to believe that a recommended transaction or investment strategy suits their client's needs. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended or misinterpreted an unsuitable investment.

Background Information

Joseph McErlean has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 31 - Futures Managed Funds Examination
  • Series 7 - General Securities Representative Examination

He is a registered broker in 25 states. He is also a registered broker in Pennsylvania and New Jersey.

Joseph McErlean has also worked with Salomon Smith Barney  (CRD#:7059).

Kurta Law Can Help

If you have worked with Joseph McErlean and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.