Former Wells Fargo Clearing Services, LLC broker Mahmoud Elawadi (CRD# 5319152) is accused of unsuitable investment recommendations. He was registered with Wells Fargo Clearing Services, LLC in Orlando, Florida, from 2019 to 2026, when he was terminated regarding, “The Firm is investigating allegations that the Registered Representative solicited and facilitated client investment in his outside business activity.” He was also registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Orlando, Florida, from 2015 to 2019.
Mahmoud Elawadi Customer Complaints
He has been the subject of one customer complaint between 2025 and 2026, according to his CRD report:
March 2026. “Claimants allege that in 2025, their FA recommended an unsuitable investment in a private business.” The case is currently pending. The complaint took place while he was registered with Wells Fargo Clearing Services, LLC.
November 2025. “Attorney representing client claims the Financial Advisor falsely induced their client to invest funds into a business owned by the Financial Advisor. (11/1/2022-11/25/2025).” The customer is seeking $1,500,000 in damages, and the case is currently pending. The complaint took place while he was registered with Wells Fargo Clearing Services, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wells Fargo Clearing Services, LLC may be liable for investment or other losses suffered by Mahmoud Elawadi’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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