Mahmoud ElAwadi (also known as Mahmoud El Awadi; CRD: 5319152), a former securities broker in Orlando, Florida, worked for Wells Fargo Clearing Services LLC from February 28, 2019, to January 20, 2026. His FINRA BrokerCheck disclosures include a regulatory sanction and pending client arbitration claims involving possible investment losses. Here is what led to the sanction and what clients have alleged.
On September 14, 2026, FINRA permanently barred Mahmoud ElAwadi from associating with any FINRA member in any capacity (Case No. 2025088654701). The sanction followed his refusal to provide information and documents requested during an investigation prompted by a client complaint alleging that he induced clients to invest in a business he owned.
On January 20, 2026, Wells Fargo Clearing Services filed a Form U5 stating that it had fired ElAwadi while investigating allegations that he solicited and helped arrange client investments in an outside business.
FINRA then conducted its own investigation and, on March 10, 2026, requested information and documents from ElAwadi under FINRA Rule 8210. On June 15, 2026, ElAwadi acknowledged through his lawyer that he had received the request but would not provide the materials, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC).
FINRA found that ElAwadi’s refusal violated Rule 8210, which allows the regulator to obtain information and records during investigations. It also found that his conduct violated Rule 2010, which requires securities brokers associated with FINRA member firms to uphold high ethical standards. ElAwadi accepted the permanent bar without admitting or denying FINRA’s findings. The matter became final on September 14, 2026.
On April 8, 2026, a Wells Fargo Clearing Services client filed FINRA Arbitration No. 26-00780 involving ElAwadi. The client alleges that ElAwadi induced them to invest in a business he owned. For this reason, the client experienced damages. Therefore, the client seeks at least $250,000 in compensation from Wells Fargo or ElAwadi. The arbitration remains pending.
On March 19, 2026, Wells Fargo Clearing Services clients filed FINRA Arbitration No. 26-00618, alleging that ElAwadi made an unsuitable recommendation in 2025 involving an investment in a private business. The clients allegedly sustained damages on variable annuities and seek compensation from Wells Fargo or ElAwadi. The matter remains pending.
Investors who believe they suffered losses because of Mahmoud ElAwadi can contact Soreide Law Group online or at (888) 760-6552 to discuss possible recovery with a securities attorney. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. ElAwadi and the brokerage firms he worked for deny allegations of sales practice violations.
Moors & Cabot, Inc. (CRD 594) is a brokerage firm based in Boston, Massachusetts. FINRA censured and fined the firm $125,000 after finding it failed to develop and implement an anti-money laundering compliance program reasonably expected to detect and report suspicious transactions, according to an AWC issued August 24, 2026.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
Phone:
Fax: 1-954-760-6553
Email: [email protected]