Last Updated: June 2024 (La Jolla, CA)
Robert John Palatella Investigation Summary
Here’s what you need to know about La Jolla, CA stockbroker Robert John Palatella:
- Name: Robert John Palatella
- Current Employer: Wells Fargo Advisors
- Prior Employer: Morgan Stanley
- Function: Stockbroker / Financial Advisor
- Primary Location: La Jolla, CA
- CRD Number: 1492207
- Can Robert John Palatella be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $27,372
- Pending Customer Dispute Seeks Damages of: $500,000
If you’ve sustained damages from Mr. Palatella, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Robert John Palatella As Your Stockbroker?
A customer of Wells Fargo Clearing Services filed a pending FINRA arbitration in 3/2024 seeking damages of $500,000. The allegations by the customer include that Robert Palatella made unsuitable securities recommendations for her investment experience and risk tolerance.
Previously, Robert Palatella settled a customer dispute for $27,371 involving allegations that he did not timely execute an order to redeem shares, resulting in losses due to the limited redemption window. This case was resolved on May 19, 2022.
Another customer dispute involved allegations of excessive trading and failure to follow instructions regarding the client’s account from July 1998 to September 2001. This dispute, filed on October 20, 2004, alleged damages of $200,000 but was denied by the company on November 29, 2004. Apparently, the customer has not pursued the matter further.
[LEARN MORE]: Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability -Regulation Best Interest
Allegations of Broker Misconduct Against Robert John Palatella
Allegations
Customers of Robert John Palatella have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable recommendations
- Failure to Follow Customer’s Instructions
- Excessive Trading
Recover Your Investment Losses Now With Rex Securities Law
[LEARN MORE]: Investigations involving other Wells Fargo brokers
If you have suffered investment losses in an account handled by Robert John Palatella, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.