According to the Bergen County Prosecutor’s Office, former FINRA-registered advisor Jeffrey Palish (CRD# 1464054) was arrested in Paramus, New Jersey for allegedly stealing close to $1M from two elderly investors.
Mr. Palish was most recently employed by Wells Fargo. His employment was terminated in October of 2017 after allegations that he accepted funds from elderly clients which he used to pay for personal expenses with no intent or ability to repay the customer.
Prosecutors in Bergen County have charged Jeffrey Palish with one count of theft by deception after ripping off two elderly client to the tune more than $600k. The scheme purportedly involved transferring money from the client’s stock holding to an outside bank from where the clients then wrote checks to Palish.
Mr. Palish allegedly made 40 unauthorized wire transfers from his clients’ bank account and then used the funds to pay off his personal credit cards. These payments were apparently upwards of $300k.
Prosecutors first became aware of Palish’s swindling in November 2017 when the former Wells Fargo advisor neglected to make payment on a $100k loan that he had taken from his clients. It is alleged that Palish used this loan to pay for personal expenses and has not repaid any of the loaned money.
At the Sonn Law Group we have extensive experience helping elderly investors seek just compensation in cases involving stockbroker theft. If you’ve suffered significant investment losses, please contact us today for a free consultation with a qualified securities fraud attorney.
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