• Report: #1132889

Complaint Review: Pearl Lee

  • Submitted: Sun, March 23, 2014
  • Updated: Tue, January 12, 2016

  • Reported By: John — Philadelphia Pennsylvania
Pearl Lee
1717 Arch Street Philadelphia, Pennsylvania USA

Pearl Lee Janney Montgomery Scott Incompetent, Greedy Broker Philadelphia Pennsylvania

*Consumer Comment: Do NOT trust this woman with your money

*Consumer Comment: Pearl Lee had managed my parent's retirement accounts

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This "Financial Advisor" knows nothing about the market, her professional priority is to ONLY meet her monthly quota with Janney and thus make a commission. Once she lands a client, she sets their portfolio up Conservatively but soon later, calls her client repeatedly to buy/sell, buy/sell. Each trade she successfully persuade her clients to make, it makes her a commission. She systematically studies her clients behavior and knowledge of the market. The ones who have less knowledge, she uses her charm and innocence and deceptively get her clients to "trust" her. Once she gains their trust, she makes these irresponsible "recommendations" for that client to buy/sell stocks or funds that truly don't benefit the client, but her. Pearl Lee doesn't follow the market, she follows a script and feedback from Janney ... and always pushes a stock if it grants her a bonus. Pearl Lee does not embrace the promise of fiduciary responsibility in protecting her investor's interest. Her goal is to make a commission at her clients expense. Do not trust this woman. 


This report was posted on Ripoff Report on 03/23/2014 06:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Pearl-Lee/Philadelphia-Pennsylvania-19103/Pearl-Lee-Janney-Montgomery-Scott-Incompetent-Greedy-Broker-Philadelphia-Pennsylvania-1132889. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Do NOT trust this woman with your money

AUTHOR: TMLee - (USA)

Pearl Lee is morally corrupt and a complete fraud in both her professional and personal life!

In 2005, Pearl Lee Gitter was a financial advisor with Morgan Stanley Dean Witter. At that time, her future brother-in-law and co-worker, Steve Gitter left Morgan Stanley for another financial firm. Immediately after his departure from Morgan Stanley, Pearl Lee did not hesitate to seize Steve's richest of clients for herself. It may be a common practice for an investment firm to make every effort to retain their clients and convince them to not move with their advisor but for Pearl Lee, it did not morally compute in her head that Steve was FAMILY. Greed took over.

Anyone with an ounce of decency, respect and basic morals would know not to steal, especially from friends and family. But Pearl Lee lack these convictions and got caught. She says she was deeply sorry, regretted it and profusely apologized to Steve and his team of associates. Because no damage was done, Steve forgave her. The lesson Pearl Lee claimed to have learned, "Never take advantage of family".

Fast forward to 2011, Pearl Lee is now with Janney Montgomery (she left Morgan Stanley in 2006).
In 2011, she received her first FINRA investigation due to a complaint filed against her.
Who filed it? Her own brother (the closest member of her nuclear family).
In the first 4 years with Janney (2006-2010), she needed to meet her monthly quota and the easiest prey among her
clientele list - her own brother.
She took advantage of his trust and naivety of the market and made over 140+ unnecessary trades on his small IRA accounts between 2006-2010 - basically decimated his retirement portfolio.
She bought stocks high and sold them low.
She bought him long term mutual funds and sold them in less than 6 months.
She made his retirement account fluid and would not stop churning - charging over $3000 per year in fees and
commissions.

When her brother discovered her actions, he confronted her.
Unlike her brother-in-law Steve, damage was already done.
When given a choice to make restitution or face retribution, she chose money over her own family.
This is the very nature, the true colors of Pearl Lee - Greed!
Her brother reported her to FINRA who agreed to investigate.

So to anyone who is a current client or about to use Pearl Lee as their financial advisor, beware and think about this.
If Pearl Lee is reckless and greedy with her own family members, how do you think she would manage your life savings and investments?
She is deceptive and does not learn from the mistakes of her past. Money is her god! Be forewarned.

Pearl Lee has absolutely no integrity and no morals when it comes to money.
I would know - I am her brother!

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#2 Consumer Comment

Pearl Lee had managed my parent's retirement accounts

AUTHOR: SSB - ()

Wow, I know Pearl Lee, though not personally. She use to manage the retirement accounts of my parents, both in their 70's.

I was thinking about using PL to open up an IRA some years back, but haven't done so. Glad I trusted my instincts!

I recall my mom telling me how PL tried to push her to purchase some specific stock (can't remember which one), this was, of course, before the recession of 2008. My parents had all their money in mutual funds, something safe and was not interested in any risky trades. After hearing about this, I did not use PL but thought, "how sad, Pearl Lee is the epitome of Wall Street greed!"

At that time, my mom mentioned that she thinks Pearl gets a bonus (in addition to the commission for the trade) for selling this specific stock (it would explain PL's relentless push to have my parents buy this stock). I'm glad they didn't. I even remember PL telling my dad about buying Lehman Brother CDs, this was before they filed for bankruptcy and disappeared.

Today my parents are happily retired and have moved their money elsewhere.

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