Ex-Wells Fargo Broker Kicked Out of Securities Industry for Misleading the Elderly
Former Wells Fargo broker Jeffrey Palish has been barred from the securities industry by The Financial Industry Regulatory Authority Inc. (FINRA) for stealing money from elderly clients. The regulator alleged that Palish’s misdeeds against elderly clients netted him up to $600,000.
Palish Stole Money by Selling Client Stock Holdings
Jeffrey Palish, a New Jersey resident, allegedly stole at least $600,000 from elderly clients over the course of four years by selling client’s stock holdings and placing the money into a separate bank account through checks written by the clients.
In addition, Palish also made 40 unauthorized wire transfers totaling $300,000 to make payments on his personal credit card. He also had not made payments on a $100,000 loan he received from two clients and had no intention of doing so.
Palish Terminated by Wells Fargo
Palish began his securities career in 1986 at McLaughlin, Piven, Vogel Securities, and later moved to UBS PaineWebber in 1993. He went to work for Morgan Stanley in 2002 and in 2010 moved to Wells Fargo.
His broker registration was terminated by Wells Fargo in November 2017 after an investigation determined that he made misstatements to the firm regarding his transactions.
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