The Bergen County Prosecutor’s Office reported that former financial advisor Jeffrey H. Palish, from Woodcliff Lake, New Jersey, was arrested on February 21, 2018 following accusations he stole money from his elderly clients. Detectives from Bergen County arrested Palish in Paramus, New Jersey and the Bergen County Prosecutor’s Office has charged him with theft by deception.
Prosecutors said they were tipped off to Palish’s theft after he allegedly failed to make payments on a $100,000 loan from two of his elderly clients. The prosecutors reported their investigation into the allegations revealed that, during a recent four-year period, Palish had purportedly stolen more than $600,000 worth of stock holdings from his clients.
According to the prosecutors, during that same time, Palish allegedly also made forty unauthorized wire transfers from his clients’ bank accounts and used the proceeds to make more than $300,000 of payments on his personal credit card.
On February 23, 2018, the Financial Industry Regulatory Authority (FINRA), the private regulator that licenses and regulates brokers, publicly released a Letter of Acceptance, Waiver and Consent (AWC) stating FINRA found Palish had stolen funds from his Wells Fargo clients. The AWC requested Palish agree to be permanently barred from any future association with a brokerage firm registered with FINRA, and Palish agreed to the bar by signing the AWC. The AWC states Palish does not admit or deny FINRA’s findings.
According to FINRA records, Palish worked for Wells Fargo as a broker from August 2010 until he was discharged in October 2017. While at Wells Fargo, Palish was registered with FINRA as a securities registered representative and with the Securities Exchange Commission as an investment adviser representative.
Options to Pursue a Recovery of Investment Losses
Securities rules and regulations prohibit brokers, like Jeffrey Palish, from making unauthorized transactions in their customers’ accounts. Customers have the right to pursue claims for their losses caused by such misconduct.
Additionally, brokerage firms, like Wells Fargo, have a duty to closely monitor and supervise their brokers’ conduct, particularly when the brokers exercise discretionary authority in their customers’ accounts. Customers have the right to bring claims to recover their losses caused by firms’ failures to adequately supervise their brokers’ misconduct. Moreover, brokerage firms are often found liable for their brokers’ misconduct.
If you have suffered losses with Jeffrey Palish, contact Marquardt Law Office LLC to speak with a securities attorney and receive a free evaluation of options to recover your losses.
Marquardt Law Office LLC is a securities law firm located in Chicago, IL representing clients nationwide who have suffered losses due to misconduct such as fraud and negligence.