David Waal: Emerson Advisor Faces $2.3mm Complaint

Irvine, California financial advisor David Waal (CRD# 1226437) recently received an investor complaint alleging that he committed fraud. Financial Industry Regulatory Authority records show that he is registered as a broker with Emerson Equity, having previously been registered with Orchard Securities.

Mr. Waal’s BrokerCheck report discloses three investor complaints. The most recent, filed in September 2025, alleges that as a representative of Emerson Equity, he committed fraud, breached his fiduciary duty, and acted negligently. The pending complaint alleges damages between $1 million and $2.3 million.

An earlier investor complaint, filed in 2011, alleged that as a representative of Omni Brokerage, he recommended an investment that “didn’t perform as anticipated.” The complaint alleged damages of $1.2 million and was withdrawn.

A third investor complaint, filed in 2011, alleged that as a representative of Omni Brokerage, he withheld material facts in connection with an investment that did not perform as anticipated. In 2012 the complaint reached a settlement of $50,000.

Investors should be aware that the fiduciary standard requires financial advisors like Mr. Waal to place their clients’ interests above their own. It also stipulates that they must fully disclose any conflicts of interest while operating in good faith and with loyalty to the client. The fiduciary standard is similar to but distinct from the suitability standard, as outlined by FINRA Rule 2111 and Regulation Best Interest, which states that brokers must recommend only investments and strategies that are appropriate for a customer’s background and objectives.

According to the Financial Industry Regulatory Authority, David Waal holds 16 years of securities industry experience. Based in Irvine, California, he has been registered as a broker with Emerson Equity since 2021. His past registrations include Orchard Securities, Omni Brokerage, Sigma Financial Corporation, American Express Financial Advisors, and PML Securities. His credentials include the passage of six securities industry qualifying exams: the Limited Representative-Private Securities Offerings, or Series 82TO; the Securities Industry Essentials Examination, or SIE; the Direct Participation Programs Representative Examination, or Series 22TO; the General Securities Representative Examination, or Series 7; the Direct Participation Programs Representative Examination, or Series 22; and the Securities Industry Essentials Examination, or SIE. He holds 22 state licenses. (Information current as of October 14, 2025.)

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