Tag Archives: Wells Fargo Advisors investigation

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 Finanical Broker-Discloses Customer Dispute-Wimberley, Texas

March 2018-Wimberley, Texas

The FINRA records of  William (Bill) G. Downing ,  a  stock broker who is employed by Coastal Equities Inc.  disclose  a  prior customer dispute 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 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 has been employed by Coastal Equities (dba The Hill Country Advisor)  since 8/2017. 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

Jeffrey Eglow-Former Wells Fargo Broker-Discloses Customer Disputes-Delray Beach, FL

January 2018-Delray Beach, Florida

Jeffrey L. Eglow, a stockbroker currently employed by Newbridge Securities discloses 4 prior customer disputes on his publicly available FINRA record.

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 June 2017 a customer of his former employer SunTrust Investment Services settled a claim for trades that were allegedly overcharged for $48,758.

In FINRA case 16-1962 a customer of SunTrust Investment Services and Wells Fargo Advisors alleged that unsuitable investments were made in his accounts and was paid $25,000 to resolve the claim.

Eglow was with Wells Fargo from 1/2012-3/2015 and then with SunTrust Investment Services from 3/2015-9/2017 and then joined Newbridge Securities.

If you have losses in an account handled by Jeffrey L. Eglow, contact us to discuss your legal 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

Richard T. Lucker-Former Morgan Stanley Broker-Discloses $14M Customer Dispute-El Paso, TX

April 2017-El Paso, Texas

The FINRA records of  Richard T. Lucker ,  a  stockbroker who is currently  employed by  Wells Fargo Clearing Services  disclose a pending dispute in which a customer seeks damages in excess of $14 million.

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 currently pending FINRA Case 17-0311 , a customer of Lucker’s former employer Morgan Stanley Smith Barney alleges damages of $14,447,501 for failure to supervise with the management of her account.

Lucker , regional manager at Wells Fargo Advisors, has been employed by Wells Fargo since 3/2014. Prior to that he was registered with Morgan Stanley from 6/2009-2/2014. He previously resided in Tucson, AZ, Billings, MT, and Bellevue, WA.

 

If you have losses in an account in an account handled by Richard T. Lucker  , 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