FINRA has permanently barred former Wells Fargo broker Jeffrey Palish for
receiving money from a customer for his personal use. Palish accepted
the money from his customer without the ability or intent to repay the
customer, and over three years took approximately $180,000.
According to his
FINRA report, Palish was terminated from his position with Wells Fargo in 2017 for
the same misconduct and is now barred from acting as a broker or associating
with a broker-dealer firm in any capacity. Previously, he had been the
subject of a customer complaint alleging he recommended unsuitable investments
to his customer.
Jeffrey Palish worked for Wells Fargo Clearing Services in Paramus, NJ
between 2010 and 2017. In February of 2018, the Bergen County Prosecutor's
Office received reports that Palish had failed to make payments on a $100,000
loan two elderly clients of Wells Fargo Clearing Services gave him. He
was arrested and charged with theft by deception.
Wells Fargo's Responsibility
FINRA requires that brokerage firms develop and maintain a system to adequately
monitor the actions of their brokers and to ensure that investment recommendations
are in compliance with FINRA rules. When unscrupulous brokers like Palish
take advantage of unsuspecting investors, the firms they work for can
be held liable for the investment losses that occur due to their failure
Meyer Wilson is investigating the liability of Wells Fargo Clearing Services.
If you have lost money with Jeffrey Palish, our investment loss attorneys
may be able to help. Call our office at (888) 390-6491 to
schedule a free case evaluation and learn how you may be able to recover damages.