Peter Michael Malis of Woodland Hills California a stockbroker currently registered with Wells Fargo Clearing Services is the subject of a customer initiated investment related complaint on December 7, 2017 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that while Malis was associated with Wells Fargo: (1) Malis executed unsuitable closed-end fund trades in the customer’s investment account and (2) Malis failed to correspond with the customer prior to effecting trades in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Malis has been identified in four more customer initiated investment related disputes containing accusations of his misconduct while employed with securities broker dealers including Wells Fargo and Prudential Securities Inc. Specifically, a customer initiated investment related civil action brought in the Superior Court of California that involved Malis’ activities was resolved for $400,000.00 in damages supported by allegations that while Malis was associated with Prudential Securities, contractual obligations to the customer were breached; misrepresentations had been made in regard to the customer’s limited partnership interest holdings investments; and the customer was defrauded. Civil Action No. 632081.
Thereafter, Malis was subject of a customer initiated investment related arbitration claim in which the customer was awarded $668,523.50 in damages based upon findings that the customer was placed in municipal bond-closed end funds that were in no way appropriate for the customer; and investment purchases were made without the customer’s permission. Pacific Stock Exchange Arbitration No. 95L017.
Subsequently, a customer initiated investment related arbitration claim concerning Malis’ conduct was settled for $1,100,000.00 in damages founded on accusations that while Malis was associated with Wells Fargo Advisors LLC: Malis excessively traded the customer’s investments; effected unauthorized transactions in the customer’s account; and executed trades which failed to be suitable for the customer. FINRA Arbitration No. 16-02369 (May 2, 2017).
Malis has been employed by Wells Fargo Clearing Services LLC since July 1, 2003.
