Our firm is investigating Wells Fargo Clearing Services, LLC broker and Wells Fargo Advisors investment adviser representative David Madison Engel (CRD# 4909432) of Philadelphia, Pennsylvania in connection with a pending customer dispute reported through FINRA BrokerCheck.
According to his BrokerCheck report, Engel has been registered with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors since December 2013. His record reflects one pending customer dispute disclosure.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, David M. Engel has been registered with the following firms:
- Wells Fargo Clearing Services, LLC / Wells Fargo Advisors — 12/2013 to Present
- Morgan Stanley — 06/2009 to 12/2013
- Morgan Stanley & Co. Incorporated — 04/2007 to 06/2009
- Morgan Stanley / Morgan Stanley DW Inc. — 09/2005 to 04/2007
- PNC Investments — 02/2005 to 09/2005
FINRA reports that Engel is currently a registered representative with Wells Fargo Clearing Services in Philadelphia. His report also lists the Certified Financial Planner professional designation.
Engel also reports several outside business activities, including interests involving real estate entities and service as trustee or power of attorney for certain family members.
David Madison Engel Allegations and Investor Complaint Explained
FINRA BrokerCheck reflects one pending customer dispute involving David M. Engel.
According to the disclosure, it is alleged that from 2014 through September 2024, unauthorized transfers and misrepresentations occurred.
The employing firm when the alleged activities occurred was Wells Fargo Clearing Services, LLC. The claimant alleges damages of $1,015,881.12.
FINRA Arbitration: Alleged Unauthorized Transfers and Misrepresentations
The BrokerCheck disclosure provides the following information:
- Disclosure Type: Customer Dispute — Pending
- Firm: Wells Fargo Clearing Services, LLC
- Allegations: Unauthorized transfers and misrepresentations
- Alleged Time Period: 2014 to September 2024
- Product Type: Other — Miscellaneous
- Alleged Damages: $1,015,881.12
- Date Notice/Process Served: 06/24/2026
- Arbitration Forum: FINRA
- Docket/Case #: 26-01306
- Arbitration Pending: Yes
Broker’s Statement
Engel disputes the allegations.
According to the statement included in his BrokerCheck report, Engel states that the allegations contain “inaccuracies and misrepresentations” and that the matter will be vigorously defended with the goal of obtaining a denial of all relief sought.
Disclosure Summary
- Customer Dispute / FINRA Arbitration — Pending
- Firm involved: Wells Fargo Clearing Services, LLC
- Allegations: Unauthorized transfers and misrepresentations
- Period involved: 2014 through September 2024
- Alleged damages: $1,015,881.12
- Forum: FINRA
- Case #: 26-01306
- Date served: June 24, 2026
- Status: Pending
- Broker position: Engel disputes the allegations and states that the matter will be vigorously defended
Conclusion
Investors reviewing this disclosure should understand that the FINRA arbitration involving David Engel remains pending and that the allegations have not been proven or formally adjudicated.
FINRA explains that pending matters involve allegations that may be contested or unresolved and may ultimately be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement without an admission or finding of wrongdoing.
Investors considering doing business with David Madison Engel may want to review his complete FINRA BrokerCheck report under CRD# 4909432 for the most current information concerning his registration and disclosure history.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Allegations involving unauthorized transfers can raise serious concerns when funds or securities are allegedly moved without a customer’s authorization. Claims involving misrepresentations may also involve allegations that material facts were misstated, omitted, or inadequately explained to an investor.
In Engel’s reported dispute, the claimant alleges unauthorized transfers and misrepresentations over a period extending from 2014 through September 2024 and seeks $1,015,881.12 in alleged damages. Engel disputes the allegations, and the FINRA arbitration remains pending.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, unauthorized transactions, misrepresentations, unsuitable recommendations, and other investment-related misconduct. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis.
Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.