Daniel Pimental, Broker with Wells Fargo, Named in Customer Dispute Alleging Unsuitable Investment Recommendations

Pimental was also accused of unauthorized trading and churning.

The Sonn Law Group is investigating allegations that Daniel Pimental committed misconduct.  If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Daniel Pimental (CRD#: 2196343) is currently employed as a broker with Wells Fargo, where he has worked since 2015. Previously, Mr. Pimental was a broker and investment adviser for Raymond James Financial from 2009 until 2015.

Pimental has three disclosures on his BrokerCheck report.

January 2020 Customer Dispute

• Status: Pending
• Allegations: Between October 2015 and October 2019, when they were customers of Wells Fargo Financial Network, Claimants allege that their FA made unsuitable investments, engaged in unauthorized trading, and that the FA churned their accounts while he represented to them that he was managing their wealth in a conservative manner in accordance with their investment objectives.

May 2008 Customer Dispute

• Status: Settled
• Allegations: Customer alleged investments made in his account were inconsistent with stated investment objectives.
• Settlement Amount: $14,138.00

March 2002 Customer Dispute

• Status: Settled
• Allegations: I handled [customer’s] non-discretionary account at JP Morgan for almost three years, without incident. Customer was a sophisticated and aggressive investor with a multimillion dollar net worth. Customer instructed me to invest aggressively in technology stocks in order to reap significant gains in his account. Customer and I spoke and met face to face frequently. Customer authorized each trade in advance, received prompt confirmations of each trade, and never objected to any trade. Customer’s trading strategy was at times successful, but at times he incurred significant net losses, as a result of his speculative trades and a downturn in the market. At no time did customer ever express displeasure to me, or to my knowledge to JP Morgan regarding the handling of his account. In the spring of 2002, 6 months after I left JP Morgan, and two and a half years after customer terminated his JP Morgan account, I was advised by JP Morgan that customer’s lawyer had orally informed JP Morgan that he was dissatisfied with the handling of his account. Customer did not put any such complaint in writing. In the summer of 2002 I was informed by JP Morgan that it had agreed to mediate the dispute. I was not a party to the mediation. I was later advised that JP Morgan had agreed to pay customer $$700,000 to settle the dispute. I was not advised before the agreement of the settlement. Moreover, I was informed by JP Morgan that I had to pay $75,000 toward the settlement, which I reluctantly agreed to do. I know that JP Morgan did not settle the dispute because of any wrongdoing by it or me, rather, I was told that the settlement occurred solely because of the risk and expense of litigation. 
• Damage Amount Requested: $3,000,000.00
• Settlement Amount: $700,000.00

Contact Us Today

The Sonn Law Group is currently investigating allegations that Daniel Pimental committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.