ALERT! Stephen Querzoli and Allegations of Excessive Commissions
Have you lost money with financial advisor Stephen Querzoli of the firm, Janney Montgomery Scott in Danvers, Massachusetts?
The law firm of Israels & Neuman is investigating allegations made by the Massachusetts Securities Division against Stephen T. Querzoli, a former advisor at Janney Montgomery Scott in Danvers, MA. Massachusetts alleged that Janney Montgomery Scott failed to adequately supervise Querzoli’s short-term trading of Class A mutual fund shares.
“A” shares of mutual funds typically have upfront commissions of 3% to 5.75%, and Querzoli was recommending that his clients exchange these shares on numerous occasions between 2012 and 2018. As such, these clients were paying 3% to 5.75% commissions on a short term basis, and Massachusetts alleged that this was excessive and unsuitable.
Stephen Querzoli was a financial advisor and registered representative of Janney Montgomery Scott between June 2012 and December 2018. He worked at a branch office in Danvers, Massachusetts.
Brokerage firms like Janney Montgomery Scott have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm based out of Denver, Colorado and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Massachusetts and the greater Boston area in the past. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past.
Click to view: Querzoli, Stephen BrokerCheck 5.10.19
Click to view: Janney Montgomery Massachusetts Complaint re Querzoli
If you lost money with Stephen Querzoli, or Janney Montgomery Scott, please CONTACT US at 720-599-3505 for a free evaluation of your case.