PETER MICHAEL MALIS is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 5820 CANOGA AVE, STE 100, WOODLAND HILLS, CA, 91367.
PETER MICHAEL MALIS has worked at WELLS FARGO CLEARING SERVICES, LLC since July 01, 2003
Disclosure History
PETER MICHAEL MALIS has 5 Disclosure Event(s).
Date: December 07, 2017 Category: Customer Dispute Allegations: Client alleged that FA never discussed any transactions with the client and made unsuitable investments. (2/13/2006-12/31/2016)
Date: September 13, 2016 Category: Customer Dispute Allegations: Arbitration: Claimant alleges that FA engaged in excessive, unsuitable and unauthorized trading between April 2002 and 2015 Complaint: Client alleges churning and unsuitable account portfolio management. (03/08/2002-01/31/2016) Settlement Amount: $1,100,000.00 Broker Comment: Arbitration: This matter settled on May 2, 2017 for $1,100,000.00. The FA did not contribute to the settlement. Complaint evolved into an arbitration.
Date: May 11, 1995 Category: Customer Dispute Allegations: CLAIMANT ALLEGED UNSUITABLE MUTUAL FUND ANDLIMITED PARTNERSHIP INVESTMENTS CAUSING DAMAGES IN EXCESS OF$70,000.00. Damage Amount Requested: $32,970.67 Settlement Amount: $12,500.00 Broker Comment: PRUDENTIAL SECURITIES, INC. AGREED TO SETTLECLAIM FOR $12,500.00. THE FINANCIAL ADVISOR WAS NOT ASKED TOCONTRIBUTE.SETTLEMENT WAS OFFERED IN LIEU OF THE COST OFLITIGATION. THE FINANCIAL ADVISOR WAS NOT ASKED TO CONTRIBUTEBECAUSE THERE WAS NO WRONG DOING ON HIS PART.
Date: February 21, 1995 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE CERTAIN MUNICIPAL BONDCLOSE-END MUTUAL FUNDS WERE UNSUITABLE AND LACKDIVERSIFICATION. [CUSTOMER] ALLEGES CERTAIN UNSPECIFIED PURCHASESWERE UNAUTHORIZED. DAMAGES ALLEGES ARE APPROXIMATELY$970,000.00 Damage Amount Requested: $1,000,000.00 Damages Granted: $668,523.50 Broker Comment: DECISION FOR CLAIMANTS FOR $668,523.50I BELIEVE THE CLAIM WAS WITHOUT MERIT. THECLAIMANTS ARE EXTREMELY WEALTHY INDIVIDUALS, WHO HAVE PRIORTRADING EXPERIENCE. THEY MAINTAINED AT LEAST FIFTEEN ACCOUNTSWITH ME SINCE THE EARLY 1980`S. THE ACCOUNTS AT ISSUEPRIMARILY PURCHASED AND HELD A VARIETY OF MUNICIPAL BONDS. INAN EFFORT TO DIVERSIFY THE PORTFOLIOS. I RECOMMENDED VARIOUSCLOSED-END MUNI BOND FUNDS. CLAIMANTS PURCHASED SOME OF MYRECOMMENDED FUNDS AND OTHERS THEY CHOSE NOT TO PURCHASE. THECLAIMANTS EACH RECEIVED PROSPECTUSES ON INITIAL PUBLICOFFERINGS OF THE FUNDS WHICH DISCLOSED THE FETURES OF THEFUNDS. EVERY TRANSACTION WAS AUTHORIZED BY THE CLAIMANTSPRIOR TO EXECUTION. WHEN THE BOND MARKET FELL IN 1994, DUE TOTHE RISING INTEREST RATES. THE CLAIMANTS PANICKED AND SOLDMANY OF THEIR POSITIONS AT SUBSTANTIAL LOSSES. I STRONGLYURGED THEM TO HOLD THEIR POSITIONS AND NOT SELL. THE SALESWERE DONE AT NO COST TO THE CLAIMANT. I WAS NOT ASKED TO PAYIN SETTLEMENT.
Date: August 01, 1990 Category: Customer Dispute Allegations: PLAINTIFF ALLEGED, AMONG OTHER THINGS,FRAUDLENT AND NEGLIGENT MISREPRESENTATION BREACH OF CONTRACT,CONVERSION RICO IN CONNECTION WITH HER PURCHASE OF SEVERALLIMITED PARTNERSHIP. ALLEGED LOSSES WERE IN EXCESS OF$400,000.00. Settlement Amount: $400,000.00 Broker Comment: PRUDENTIAL SECURITIES, INC. WILL PAY PLAINTIFF$400,000.00 IN SETTLEMENT OF ALL CLAIMS ASSERTED.THIS CASE WAS FILED IN THE SUPERIOR COURT OFCALIFORNIA, ORANGE COUNTY. THE PARTIES AGREED TO SETTLE PRIORTO TRIAL WITH NO ADMISSION OF LIABILITY BY ANY OF THEDEFENDENTS TO BE INFERRED FROM THE SETTLEMENT. PETER MALISSPECIFICALLY DENIES THAT THE BREACH BY OBLIGATIONS. STATUTORYOF OTHERWISE, TO THE PLAINTIFF.
More Information
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