Peter Michael Malis, of Woodland Hills, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, is the subject of a customer initiated investment related arbitration claim, which settled on May 2, 2017, for $1,100,000.00 in damages based upon allegations that he effected unsuitable, unauthorized and excessive closed-end fund transactions in the customer’s account, and churned the customer’s investment portfolio.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Malis has been identified in three more customer initiated investment related disputes containing allegations of his misconduct while employed with Prudential Securities, Inc. and Wells Fargo Advisors, LLC. Particularly, on November 11, 1991, a customer initiated investment related civil action involving his conduct was settled for $400,000.00 in damages based upon allegations that he breached his contractual duties, made misrepresentations to the customer, and defrauded the customer in regard to limited partnership interests effected in the customer’s investment account.
Subsequently, on December 27, 1995, a customer initiated investment related arbitration claim involving Malis’ activities was settled for $32,970.67 in damages based upon allegations of suitability, omissions and misrepresentations. The customer further alleged that Prudential Securities, Inc. failed to supervise Malis’ activities involving the customer.
Moreover, on July 12, 1996, a customer was awarded $668,523.50 in damages according to an investment related arbitration claim involving his misconduct, based upon allegations that he failed to diversify the customer’s holdings, and effected unsuitable closed-end mutual funds transactions in the customer’s account.
Guiliano Law Group
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