Pearl Lee Janney Montgomery Scott Incompetent, Greedy Broker Philadelphia Pennsylvania

This is Janney's fiduciary statement entitled "Our Fiduciary Duty":
"The fiduciary standard is a legal requirement that Janney and its Financial Advisors are bound by when offering advisory services - to always act in your best interest with respect to the investment advice and services we provide. It requires a commitment to always put your interests ahead of ours and provide full and fair disclsoure of all material facts relating to our advisory relationship, including conflicts of interest."

They have a mission statement:
"At Janney, our mission is to be the highest standard of success in financial relationships. Because of this commitment, our unparalleled client service and culture of innovation, we enjoy long-term strength and stability and enduring client relationships".

And their slogan from their website: "Putting clients is the way we do business".

Janney is a walking contradiction. Let me re-introduce Pearl Lee (married name: Gitter, but now a black widow), she has been a financial advisor with Janney Montgomery Scott for 16+ years. In the 4 years I had my 2 small retirement accounts at Janney under her management, this woman defrauded it and was able to walk away unscathed. No apologies, no violations, no punishment. 

It was evident she churned my account, she made 140+ trades in 4 years.
In many of the transactions, she bought high and sold low.
She bought me mutual funds and sold them in less than 6 months.
She executed trades in my account without my knowledge, completely illegal.
My account total when I fired Pearl was significantly less than when I first opened my account at Janney.
It was clear Pearl Lee did not have my best interest and completely went against her own company's Fiduciary statement, mission statement and slogan. Her actions in my retirement portfolio were indefensible and far from fiduciary.

Well, Janney defended her and defended her actions knowing fully well that she defrauded my accounts.
And she got to keep her job and keep her position. To this day, Pearl Lee is still employed at Janney Montgomery Scott.

So, what do you call a company who advertises and spouts "Our Fiduciary Duty" and "highest standard" and yet, keeps on their team - corrupt, unscrupulous, greedy advisors like Pearl Lee?

Google "Pearl Lee Janney" and you will find multiple complaints about her spanning several years (and counting). 

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!

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.