John Corello: Janney Advisor Receives Closed-End Fund Complaint

Allentown, Pennsylvania financial advisor John Corello (CRD# 1407750) recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Janney Montgomery Scott, whose website shows that he is a member of KLC Wealth Advisory.

Mr. Corello’s BrokerCheck report discloses one investor complaint. Filed in December 2023, it alleges that as a representative of Janney Montgomery Scott, he recommended unsuitable investments in closed-end funds. The pending complaint alleges unspecified damages estimated to exceed $5,000.

Janney Montgomery Scott’s website includes a profile of Mr. Corello that describes him as a First Vice President with KLC Wealth Advisory, a practice within the firm. “At Janney, John focuses on individual client needs by recommending customized investment plans tailored to meet each client’s goals and objectives,” his profile states. “Over the years John has grown his practice serving the needs of his clients by offering a broad range of products and services.” A separate page describes the firm’s approach to servicing its clients. “We take a comprehensive and customized approach to your finances, by understanding your needs and goals and aligning your investment strategies to help meet those goals,” it states. “Our depth of knowledge and experience, combined with our Firm’s capabilities and resources, enables us to provide high quality service, while offering advice and executing financial solutions for every stage of life.”

According to the Financial Industry Regulatory Authority, John Corello holds 38 years of securities industry experience. Based in Allentown, Pennsylvania, he has been a broker and an investment advisor with Janney Montgomery Scott since 1990 and 2006, respectively. He was previously registered with Shearson Lehman Hutton in New York, New York from 1985 until 1990. His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 47 state licenses. (Information current as of January 6, 2024.)

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