I came across a critical review of Pearl Lee on a Scam Reporting website – DirtyScam.com, titled ‘Churning of Retirement Account and Betrayal’.
DirtyScam allows anonymous submission of complaints from angry consumers and victims of scams. Since the website is hosted offshore (probably in Russia or India), we take this (negative) review against Pearl Lee with a pinch of salt.
Here is what the review says –
BEWARE of Pearl Lee of Janney Montgomery Scott in Philadelphia, PA.This woman is morally bankrupt 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 left Morgan Stanley for another financial firm. Immediately after his departure from Morgan Stanley, Pearl Lee did not hesitate to seize Steves 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 adviser 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 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. And she did all this with no regrets.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 Selfish 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 adviser, beware and consider this! If Pearl Lee is reckless, irresponsible and greedy with her own family members financial accounts, 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. Her betrayal deserves nothing but contempt! I would know I am her brother!
In case you don’t already know (assuming you came to this page by Googling ‘Pearl Lee scam‘, or ‘Pearl Lee review‘, Pearl Lee is listed under the category Person on DirtyScam.com.
Here is the rest of the contact information for the sole purpose of identification –
- Address: Philadelphia PA
- Phone: 215-665-6187
- Website: http://pearllee.net
- Severity of Scam: Extremely High [not sure what it means]
- Reported Loss: 0 $ [unsubstantiated]
- Reported by: Anonymous [obviously]
The entity Pearl Lee was awarded 1 / 5 Stars based on 1 Reviews.
It is difficult to ascertain whether Pearl Lee is a Scam, or Legit, based on this single review. In the coming weeks/days, I will try to research deeper into Pearl Lee, analyze and list more critical reviews and identify a pattern (or lack of) to substantiate the claim mentioned above.
Regardless, until then, we give the benefit of doubt to the reviewer and list Pearl Lee as someone you need to avoid (for now).
If you have any grievances, complaints, or anonymous tips against Pearl Lee, please contact us immediately. If you have lost money to Pearl Lee, together we can work to recover your loss.