Former Wells Fargo Broker Jeffrey Palish Accused of Stealing Elderly Client's Funds
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 to supervise.
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.