Duane Pellman: Carlson Law Files Claim Against Excel Wealth Management

Carlson Law represents several investors who lost money investing with Duane Pellman and have filed an arbitration against Excel Wealth Management and others. This comes after the Surf City, North Carolina financial advisor resigned from Excel in connection with alleged rule violations.

Mr. Pellman’s BrokerCheck report describes his departure from Excel. According to the disclosure, he was “permitted to resign” from the firm in connection with “suitability based concerns” relating to the management of customers’ investment accounts. “After the discovery of the loss of investment,” the disclosure states, “individual sought to recoup the losses by investing in additional speculative investments, resulting in larger losses.” It provides no additional information regarding his resignation from the firm.

A second disclosure on his BrokerCheck report concerns an investor complaint. Filed in 2016, the complaint describes the customer’s inquiry with Principal Securities as to whether “there is a way to retrieve the money [Mr.] Pellman took from him.” It alleged unspecified damages and was closed with no action taken.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Duane Pellman holds five years of securities industry experience. He is not currently registered as a broker or as an investment advisor. His registration history includes Excel Wealth Management (Surf City, North Carolina; 2019-2023), Belpointe Asset Management (Surf City, North Carolina; 2018-2019), Intercarolina Financial Services (Greensboro, North Carolina; 2016-2017), Principal Securities (Charlotte, North Carolina; 2014-2016), WR Rice Financial Services (Bay City, Michigan; 2011-2012), GWN Securities (Palm Beach Gardens, Florida; 2009), Lincoln Investment (Pittsburgh, Pennsylvania; 2007-2009), Waddell & Reed (Overland Park, Kansas; 2004-2005), and Dean Witter Reynolds (Purchase, New York; 1999-2000). His credentials include the passage of six securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. (Information current as of March 15, 2023.)

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