Jeffrey Howard Palish of Paramus New Jersey is a stockbroker formerly registered with Wells Fargo Clearing Services who has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted funds from a customer of the firm. Letter of Acceptance Waiver and Consent No. 2017056152801 (Feb. 23 2018).
According to the AWC, around 2015, during the time Palish was associated with Wells Fargo Clearing Services, he obtained funds belonging to LS – an elderly customer. Palish reportedly procured the customer’s funds for Palish’s personal use and did not intend on repaying LS at the time that he took possession of LS’ funds.
The AWC stated that $180,000.00 had been provided to Palish by LS over a three year period. FINRA concluded that LS’ funds had been converted by Palish. Consequently, Palish’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 2150.
FINRA Public Disclosure confirms that Palish is the subject of a customer initiated investment related arbitration claim, in which the customer sought $180,000.00 in damages supported by accusations that while Palish was associated with PaineWebber Incorporated, he made investment recommendations that were inappropriate for the customer, which led the customer to incur forty percent losses on the customer’s principal investment.
Wells Fargo Clearing Services, LLC terminated Palish on October 5, 2017, supported by allegations that a customer’s funds were wrongfully obtained by Palish.
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