Mitchell Pindus: Wells Fargo Advisor Lands $200K Complaint

Los Angeles financial advisor Mitchell Pindus (CRD# 1268550) recently received an investor complaint alleging that his investment recommendations resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Wells Fargo.

Mr. Pindus’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in April 2024, alleges that as a representative of Wells Fargo Clearing Services, he recommended concentrated and speculative investments whose risks he did not adequately disclose. The pending complaint alleges damages of $200,000.

An earlier investor complaint, filed in 2010, alleged that as a representative of RBC Capital Markets, he misrepresented material facts, recommended unsuitable investments, and breached his fiduciary duty. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $10,000.

A third investor complaint, filed in 1993, alleged that as a representative of Bear Stearns & Company, he recommended unsuitable investments, omitted material facts, and made misrepresentations regarding the investments he recommended. The complaint evolved into an arbitration proceeding before an NASD panel, which issued an award to the customer of $35,000.

According to the Financial Industry Regulatory Authority, Mitchell Pindus holds 39 years of securities industry experience. Based in Los Angeles, California, he has been registered as a broker and an investment advisor with Wells Fargo since 2010. His past registrations include RBC Capital Markets, Oppenheimer & Company, Fahnestock Asset Management, CIBC World Markets, Bear Stearns & Company, and Merrill Lynch. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; 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. He holds 39 state licenses. (Information current as of May 18, 2024.)

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