Ex-Wells Fargo Advisor Jeffrey Palish Allegedly Stole from Elderly Clients
According to an article in the Pascack Valley Daily Voice, financial advisor Jeffrey Palish, 64, reportedly stole more than $1 million from two elderly clients.
According to authorities, after Jeffrey Palish failed to make payments on a $100,000 loan that he had received from two elderly clients, an investigation revealed that, during a four-year period, he received in excess of $600,000 from the clients.
The funds were reportedly obtained through the conversion of the clients’ stock holdings, according to the prosecutor.
During the same time period, Palish allegedly initiated approximately 40 unauthorized wire transfers from the clients’ bank account to make payments to his personal credit card account totaling more than $300,000.
Palish purportedly used all of the money for his own personal expenses and has not repaid or returned any monies to the victims, according to the prosecutor.
According to reports, Palish was released on a summons pending a March 7 first appearance in Central Judicial Processing Court in Hackensack, New Jersey.
According to his FINRA BrokerCheck report, Palish has worked for 6 firms in the securities industry since 1993. Most recently he was registered with Wells Fargo Clearing Services in Paramus, NJ from August 2010 until he was discharged in November 2017 because he “received funds from client.”
Failure to Supervise
The White Law Group is investigating the liability Jeffrey Palish’s employer may have for failure to properly supervise him.
Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you suffered investment losses with Jeffrey Palish the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the firm’s offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.