Securities Arbitration Lawyers BlogTexas-based Broker Patrick Perales Permanently Barred by FINRA
Broker failed to respond to agency following discharge from Wells Fargo Advisors, LLC after allegations related to his status as Power of Attorney for a client
In August 2016, the Financial Regulatory Authority (FINRA) permanently barred former Wells Fargo Advisors, LLC broker Patrick Perales from participating as a broker or otherwise associating with firms that sell securities to the public. The regulatory action is a result of Perales’ failure to respond to FINRA’s requests for documents and information related to an investigation surrounding why his then employer, Wells Fargo Advisors, LLC discharged him earlier in 2016.
According to his FINRA BrokerCheck report, Wells Fargo Advisors terminated Perales’ employment in January 2016 “for reasons unrelated to the business of Wells Fargo Advisors, LLC. Banker acted as a paid POA (Power of Attorney) for a bank client without disclosing and obtaining approval to serve as POA for a client.” While the bank client admitted giving Perales Power of Attorney over his account and paying Perales to assist him with his business needs, the client also alleged that money was missing from his account. A violation of this trust could represent Power of Attorney fraud.
Prior to his employment with Wells Fargo Advisors, LLC in Rockport, TX from April 2011 to February 2016, Patrick Perales was employed by:
- Herndon Plant Oakley, Ltd. in Corpus Christi from January 2011 to March 2011
- Compass Brokerage, Inc. in Corpus Christi from August 2008 to January 2009
- Herndon Plant Oakley, Ltd. In Corpus Christi from February 2006 to August 2008
- Frost Brokerage Services, Inc. in San Antonio, TX from February 2003 to February 2006
- Fintegra, LLC in Minneapolis, MN from October 2002 to December 2002
If you enlisted the services of broker Patrick Perales and have suffered losses as a result of this relationship, you may be able to recover some or all of your losses through securities arbitration.
Silver Law Group specializes in fighting for clients who have lost investments at the hands of brokers and financial advisors who have taken advantage of their positions. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in securities law arbitration cases to help them recover funds and get a sense of justice. We operate on a contingency-fee basis, so our team does not profit unless we recover your funds.
If you think that your investments have been mismanaged or if you are concerned because you worked with a broker like Patrick Perales, contact our team today. We will sit down with you, listen to your story, and develop a plan to assess your situation and possible legal recourse.