Securities Lawyers Blog
The investment fraud attorneys at Gana Weinstein LLP are currently investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Peter Malis (Malis). According to BrokerCheck Records kept by the Financial Industry Regulatory Authority (FINRA). According to BrokerCheck Records, Malis has been subject to five customer disputes, the majority concerning unsuitable investments in mutual funds, municipal bonds, and limited partnerships.
Most recently, in December 2017, a customer alleged that from February 2006 to December 2016, Malis placed the customer in unsuitable investments and executed trades in the account without the customer’s consent.
In September 2016, a customer alleged that from March 2002 to January 2016, Malis placed the customer in unsuitable investments and engaged in unauthorized trades and churning of the account. The case was settled at $1,100,000.
In May 1995, a customer alleged that Malis placed the customer in unsuitable mutual funds and limited partnerships. The case was settled at $12,500.