Former Wells Fargo NJ Broker, Scott Jason Wallach, Fined and Suspended by FINRA

Soreide Law Group obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions, December 2017.” 

Scott Jason Wallach (CRD #3108314, Glen Rock, New Jersey) 

was fined $5,000, suspended by FINRA for one month and ordered to pay $873.59, plus interest, in disgorgement of commissions received for allegedly effecting five unauthorized trades in a client’s account while the client was on vacation.

FINRA’s findings stated that Wallach allegedly sold shares of two securities the client owned and used the proceeds from those sales to purchase a preferred bond in the client’s account.

Also, according to FINRA, Scott Jason Wallach sold shares in one security the client owned and used the proceeds to purchase shares in another security. Wallach earned $873.59 in commissions for the five trades, and the client’s account profited from the transactions at issue.

The suspension was in effect from October 16, 2017, through November 15, 2017.

(FINRA Case #2016051573601)

According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, Scott Jason Wallach has 4 Disputes on his report.  Two of these Disputes are “Customer Disputes.”  In 2010, a customer alleged that Wallach “conducted excessive trading in her account.”  The customer requested $7,600 in damages and the settlement was $22,000. In 2016, the customer alleged “unauthorized trading, misrepresentation of commissions, unsuitable investments, and lost opportunity.”  The settlement was $24,000.

Scott Jason Wallach has been in the securities industry for 19 years and has been listed with 5 firms.  He is currently with the following firm since 11/21/2017:

COMPREHENSIVE ASSET MANAGEMENT AND SERVICING, INC.

2001 ROUTE 46, SUITE 506

PARSIPPANY, NJ 07054

He was previously listed with:

07/01/2003 – 10/11/2017  WELLS FARGO CLEARING SERVICES LLC – PARAMUS, NJ 

If you’ve experienced investment losses due to the actions or recommendations of former Wells Fargo financial advisor, Scott Jason Wallach, call Soreide Law Group and speak to a securities lawyer regarding the possible recovery of your losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.  Let our years of experience work for you.

2018-01-04T15:12:20+00:00 January 4th, 2018|

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