Tag Archives: Wells Fargo Advisors investigation

Ramon Arturo Herrera-Former Wells Fargo Broker-Discloses Customer DIsputes Alleging Theft-Jersey City, NJ

February 2020-Jersey City, NJ

According to publicly available records of Ramon Arturo Herrera (CRD#6021170) ,  a  former stockbroker who last worked for Wells Fargo Clearing Services,  discloses 2 regulatory events and and 3 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 10/2019 New Jersey securities regulators revoked Herrera’s registration  after FINRA  permanently barred him  from the securities industry in 7/2018 to resolve allegations that he failed to respond to FINRA request for information in connection with a regulatory investigation.

Herrera’s official FINRA record also discloses 3 prior customer disputes by Wells Fargo Advisors customers.      Allegations included unauthorized withdrawal from brokerage accounts and excessive trading.   The total settlements paid in these three cases was  over $215,000.

Herrera was employed by Wells Fargo  from 12/2009 until 1/2018.

If you had an account with Ramon Arturo Herrera that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Robert Batchen-Former Uhlmann Price Securities Broker-Discloses a Regulatory Event, Customer Suits and Terminations from Employment-Chicago, IL

June 2019 – Skokie, IL

According to publicly available records, former Uhlmann Price Securities  broker Robert James Batchen discloses  prior  regulatory events, 4 prior customer disputes and 2 terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 11/2016, FINA suspended Batchen for 5 months and assessed a fine of $15,000 to resolve allegations that Batchen effected  discretionary trades in the accounts of a customers.   Although the customer was aware of the trading, Batchen did not obtain prior written authorization from the customer to exercise discretionary power in the accounts and the firm did not accept the accounts for discretionary trading.   The findings also stated that Batchen effected unsuitable purchases for the customer’s accounts which did not comport with the customer’s financial situation, conservative investment objectives and moderate tolerance for risk.

In September of 2015, the Illinois Department of Revenue filed case #1300130 alleging that Batchen failed to file his tax returns with the Illinois Department of Revenue for tax years 2012, 2013 and 2014.

In 12/ 2013, FINRA case 13-02485 was filed on behalf of a Wells Fargo Advisors customer alleging unsuitable and unauthorized trading.   That case was settled for $250,000.

In July of 2012, a customer of Wells Fargo Advisors, alleged the client was sold investments that were not suitable given her age and risk tolerance.   That case settled for $135,000.

In September of 2015 Robert Batchen was permitted to resign from Uhlmann Price Securities where he had been employed since September of 2012, for failure to notify firm of FINRA reportable events.

In August of 2012 Robert Batchen voluntarily resigned from Wells Fargo Advisors where he had been since January of 2008, after allegations of trading without authorization.

If you have questions about an investment account handled by Robert Batchen,  contact us for a no charge consultation to learn about your legal options for recovery of damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Brian Berger-Former Newbridge Securities Broker-Sentenced for Fraud-Boca Raton, FL

April 2018-Boca Raton, FL

The FINRA records of former stockbroker Brian M. Berger disclose a pending regulatory matter and two prior regulatory matters, a criminal conviction, 4 customer disputes and a termination from employment.

In 7/2015 Berger  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he failed to cooperate with a FINRA investigation into allegations that he had misappropriated funds from elderly customers while registered with Wells Fargo Advisors and MetLife Securities.As a result, Berger   was  barred from the securities industry.

There is an SEC administrative proceeding pending in connection with the misappropriation of funds.

In 2/2017, in the U.S. District Court for the Southern District of Florida in Miami, Berger pleaded guilty to wire fraud and was sentenced to 18 months and ordered to pay restitution of $372,643.

Over $300,000 has been paid in settlements to former customers of Berger.

According to FINRA records, Berger was registered with Wells Fargo Advisors in Boca Raton from 7.2010-7/2014 and with MetLife Securities from 7/2014-4/2015. After that he was briefly registered with Newbridge Securities from 4/2015-6/2015.

If you have questions about an account handled by Brian Berger, call for a no charge consultation to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Bill Downing-Former J.W. Cole Financial Broker-Discloses Customer Dispute & Bar From Securities Industry-Wimberley, Texas

February 2019-Wimberley, Texas

The FINRA records of  William (Bill) Glenn Downing ,  a  former stock broker who was last employed by Coastal Equities Inc.  disclose  a prior regulator event, a pending customer dispute, 3  prior customer disputes and 2 terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 8/2018 FINRA permanently barred Downing from the securities industry to resolve allegations that Downing failed to cooperate with a FINRA investigation.

IN 10/2018 a customer of J.W. Cole Financial was paid $385,000 to resolve allegations that Downing made unauthorized and unsuitable trades in their account.

In FINRA Case 11-03772, a customer of Downing’s prior employer, Wells Fargo Advisors, alleged that he was sold unsuitable investments. That matter was settled for $162,500.

Downing was employed by Coastal Equities (dba The Hill Country Advisor)  from 8/2017-3/2018 Prior to that he was with J.W. Cole Financial 12/2012-6/2017.

In 7/2012, Downing was discharged from Merrill Lynch who made the following allegation on Downing’s FINRA record: “(1) Mismarking solicited trades as unsolicited (2) Exercising discretion in certain client accounts and (3) Communicating with an unauthorized third party.”

In 12/2000 Downing was discharged from Morgan Keegan for writing checks on his wife’s account.

If you have questions about an account handled by Bill Downing call for a no charge consultation to learn about your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jeffrey Palish-Former Wells Fargo Broker-Charged with Theft-Woodcliff Lake, NJ and Delray Beach,FL

February 2018-Woodcliff Lake, NY & Delray Beach, FL

According to The Ridgewood Blog and other local press, Jeffrey Palish, DOB 2/23/1953 of 22 Oakwood Drive, Woodcliff Lake, New Jersey was arrested and charged with Theft by Deception.

According to these reports, the Bergen County Prosecutor’s Office received information that Palish had failed to make payments on a $100,000 loan that he had received from two elderly clients of the financial institution where he was employed. Further investigation revealed that he had received over $600,000 from the clients during the prior four years. Funds were obtained through conversion of the client’s stock holdings.

Further investigation revealed that Palish initiated approximately forty unauthorized wire transfers from the clients’ bank account to make payments to his personal credit card account. The acting Bergen County prosecutor Dennis Calo stated that the charges are merely accusations and the defendant is presumed innocent unless and until proven guilty.

FINRA records indicate that Jeffrey Howard Palish was employed by Wells Fargo Clearing Services from 8/2010-11/2017. He was discharged by Wells Fargo who made the following allegation on his FINRA record: “Registered associate received funds from client.”

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

If you have questions about how your account was handled by Jeffrey Palish , call to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870