Robert Palatella: $500K Complaint Against Wells Fargo Advisor

La Jolla, California financial advisor Robert Palatella (CRD# 1492207) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Wells Fargo Clearing Services and an investment advisor with Wells Fargo Advisors.

Mr. Palatella’s BrokerCheck report discloses three investor complaints. The most recet, filed in March 2024, alleges that as a representative of Wells Fargo Clearing Services, he recommended unsuitable investments in unspecified securities. The pending complaint alleges damages of $500,000.

A second investor complaint, filed in 2022, alleged that as a Wells Fargo Advisors representative, he failed to timely execute an order to redeem shares, resulting in losses due to a limited redemption window. The complaint reached a settlement of $27,372.18.

A third investor complaint, filed in 2004, alleged that as a Prudential Securities representative, he made excessive trades and failed to follow instructions. The complaint alleged damages of $200,000 and was denied by the firm.

According to the Financial Industry Regulatory Authority, Robert Palatella holds 38 years of securities industry experience. Based in La Jolla, California, he has been registered as a broker with Wells Fargo Clearing Services and an investment advisor with Wells Fargo Advisors since 2017. His past registrations include Morgan Stanley (2009-2017), Morgan Stanley & Company (2007-2009), Morgan Stanley DW (2004-2007), Wachovia Securities (2003-2004), Prudential Securities (1992-2003), and Painewebber (1986-1992). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 40 state licenses. (Information current as of June 22, 2024.)

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