The absurdity was not wasted on a securities arbitration & investment fraud lawyers who quickly made contact procuring written authorization to defend him. The truth was clear. Public disclosure reveals that after 32 years in the security industry he had only two customer initiated investment related disputes containing allegations of Palmer’s misconduct during the time that he was employed by Merrill Lynch and Paine Webber Inc. An outstanding track record of professional integrity.
Specifically, a customer initiated investment related complaint regarding Palmer’s activities was settled for $16,610.05 in damages supported by accusations that they were not aware of the sub-interment grade status of investments placed in their accounts. However, PaineWebber themselves settled for more the $16,000 in 1994 without fault because the bonds were an investment banking deal recommendation and part of a class action suit.