Ex-Wells Fargo rep barred and arrested for ripping off elderly

Authorities say Jeffrey Palish's misdeeds against elderly clients netted him anywhere from $180,000 to $600,000

Feb 26, 2018 @ 12:34 pm

By InvestmentNews

The Financial Industry Regulatory Authority Inc. has barred former Wells Fargo broker Jeffrey Palish for receiving more than $180,000 from an elderly client "with no intent or ability to repay" her.

Wells Fargo terminated Mr. Palish's registration in November 2017 after its investigation and determining that he made misstatements to the firm regarding those transactions, Finra said in a letter of acceptance, waiver and consent.

Last week, according to a report on NorthJersey.com, Mr. Palish, a resident of Woodcliff Lake, N.J., was arrested by detectives from the Bergen County's prosecutor's office. The office received information in November that Mr. Parish was believed to have stolen at least $600,000 from elderly clients over four years, and that he had not made payments on a $100,000 loan he received from two clients. It was also reported that he had failed to report that information to Wells Fargo.

NorthJersey.com reported that Mr. Palish allegedly stole the money by selling clients' stock holdings and then placed the money into a separate bank account through checks written by the clients. It also reported that Mr. Palish had made some 40 unauthorized wire transfers totaling $300,000 to make payments on his personal credit card.

Mr. Palish began his securities career in 1986 at McLaughlin, Piven, Vogel Securities, and moved to UBS PaineWebber in 1993. He joined Morgan Stanley in 2002 and Wells Fargo in 2010.

0
Comments

What do you think?

View comments

Most watched

Events

Finding your edge from Tony Robbins

Guru Tony Robbins has helped a lot of people, but armed with his psychology Financial Advisor Josh Nelson has helped his practice soar.

Events

Finding innovation in your firm

Adam Holt of AssetMap explains how advisers understand they need to grow, but great innovation may be lurking right under your nose.

Latest news & opinion

The growth of factor-based investing

Advisers are making decisions about clients' portfolios by using the same characteristics that govern factor-based ETFs.

Finra makes its list to target hundreds of rogue individuals

The regulator sees patterns in the behavior and disclosures of high-risk brokers.

LTC insurer offering co-pays to blunt soaring premium increases

John Hancock policyholders would get a discount on their premium in return for agreeing to pay a bigger portion of their claims in the future.

Goldman Sachs acquires United Capital

After a payday of $75 million or more, CEO Joe Duran plans to join Goldman in a senior position.

Private equity loves IBDs, but will that last?

Three big acquisitions in less than a year signals renewed life in the formerly beleaguered industry.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print