PETER MALIS Sell You Unsuitable Investments?

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) shows that investors disputed the sales practices of Wells Fargo Clearing Services, LLC financial advisor Peter Malis (CRD#: 317892, Woodland Hills, California). Apparently, Malis, who has been registered through Wells Fargo Clearing Services, LLC since July 1, 2003, reports five client disputes. Here is a summary of some recent disputes concerning Malis:

Wells Fargo Client Files FINRA Arbitration Alleging Peter Malis Made Excessive, Unauthorized Trades

 

A client of Wells Fargo Advisors, LLC brought FINRA Arbitration #: 16-02369 on September 13, 2016. First, the client claimed that Peter Malis made excessive trades in the client’s account. Evidently, the client’s claim concerns unreasonable closed end fund investments which produced losses. Allegedly, Malis sold the client unsuitable investments from 2002 to 2015. Not only that, but the client also claimed that portfolio management was not suitable. Thirdly, the client claimed that Malis traded without client authorization. Fourth, Malis supposedly churned the client’s account. Because of this, on May 2, 2017, Wells Fargo Advisors LLC agreed to pay the client $1,100,000 to settle the matter. However, Wells Fargo did not admit liability.

Wells Fargo Client Alleges Malis Made Unsuitable Trades

 

A second Wells Fargo Advisors, LLC client brought a complaint on December 7, 2017. Allegedly, Peter Malis did not have a reasonable discussion with the client about the transactions Malis made. In addition, the client claimed that Malis sold the client unsuitable investments from 2006 to 2016. Because of this, the client alleged $5,000 or more in damages according to Wells Fargo Advisors. However, the firm denied the client’s complaint on January 26, 2018.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

In other complaints involving Peter Malis, investors raised allegations of fraud, misrepresentation, conversion, breach of contract and unsuitability. Suffered losses by investing through Peter Malis? If so, contact Soreide Law Group at (888) 760-6552. You’ll be able to speak with experienced counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.