March, 2025 | Based in Irvine, CA
Don’t wait to seek justice if you’ve been affected by questionable investment recommendations. Call 800-950-6553 or fill out our confidential online form to schedule your free case evaluation with our experienced securities fraud attorneys today
Essential Information About Peter Lee Waldron
- Full Name: Peter Lee Waldron
- CRD Number: 4230510
- Current Location: Irvine, CA
- Current Employer: Wells Fargo Clearing Services, LLC
- Office Address: 400 Spectrum Center Dr Ste 2160, Irvine, CA 92618
- Registration Status: Currently registered with 11 Self-Regulatory Organizations and 20 U.S. states/territories
- State Licenses: Licensed in multiple states including California, Arizona, Colorado, Florida, Hawaii, Nevada, and more
- Experience: In the securities industry since 2000 (over 24 years)
- FINRA BrokerCheck: Has 2 disclosure events (1 criminal, 1 pending customer dispute)
- Previous Employers: UBS Financial Services Inc. (2011-2022), Morgan Stanley Smith Barney (2009-2011), Morgan Stanley & Co. (2009), Merrill Lynch, Pierce, Fenner & Smith (2005-2009)
- Professional Designations: None reported
- Ability to Recover Losses: Investors may be eligible for FINRA arbitration
Investigating Peter Lee Waldron: Troubling Investment Practices
The financial services industry is built on trust between clients and their advisors. Investment professionals like Peter Lee Waldron have legal and ethical obligations to provide suitable investment recommendations aligned with their clients’ financial objectives, risk tolerance, and individual circumstances. However, our law firm is currently investigating serious allegations concerning Mr. Waldron’s investment practices that suggest potential violations of securities regulations and breaches of fiduciary duty.
According to FINRA BrokerCheck records, Peter Lee Waldron is currently registered with Wells Fargo Clearing Services, LLC in Irvine, California, where he has worked since March 2022. Before joining Wells Fargo, Waldron spent nearly 11 years at UBS Financial Services Inc., where he served as a branch manager in Redlands, California. With more than two decades in the securities industry, Waldron has established himself as an experienced financial advisor managing significant client assets.
Our investigation centers on a pending arbitration claim filed in November 2024 that alleges Waldron made unsuitable investment recommendations beginning in April 2022, shortly after he joined Wells Fargo. This FINRA arbitration case (Docket #24-02450) seeks compensatory damages exceeding $1 million, highlighting the potentially serious nature of the alleged misconduct.
This pending claim raises significant concerns about Waldron’s investment practices and his adherence to FINRA’s suitability requirements and the SEC’s Regulation Best Interest (Reg BI). These regulations mandate that brokers recommend only investments and strategies that are in their clients’ best interests and appropriate for their specific financial situation, investment objectives, and risk tolerance.
Background and Professional History
Peter Lee Waldron began his financial services career in July 2000 with WMA Securities, Inc., where he remained for approximately one year. After several years away from the industry, he joined Merrill Lynch, Pierce, Fenner & Smith Incorporated in November 2005, where he worked until January 2009. He then moved to Morgan Stanley & Co. Incorporated for a brief period in 2009 before joining Morgan Stanley Smith Barney, where he remained until November 2011.
In October 2011, Waldron joined UBS Financial Services Inc., where he worked for over a decade until April 2022, serving as a branch manager in Redlands, California. Most recently, in March 2022, he moved to Wells Fargo Clearing Services, LLC as a registered representative in Irvine, California.
Throughout his career, Waldron has obtained several important industry credentials. He has passed two principal/supervisory exams: the General Securities Sales Supervisor – General Module Examination (Series 10) and the General Securities Sales Supervisor – Options Module Examination (Series 9). He has also passed four general industry/product exams: the Securities Industry Essentials Examination (SIE), Futures Managed Funds Examination (Series 31), General Securities Representative Examination (Series 7), and Investment Company Products/Variable Contracts Representative Examination (Series 6).
Additionally, Waldron has passed two state securities law exams: the Uniform Combined State Law Examination (Series 66) and the Uniform Securities Agent State Law Examination (Series 63). He is currently registered with 11 self-regulatory organizations and licensed in 20 U.S. states and territories, indicating the wide geographical scope of his practice.
Red Flags in Waldron’s Professional Record
Our investigation has identified several concerning aspects of Waldron’s professional history that raise questions about his suitability as a financial advisor:
1. Pending Customer Dispute
The most serious red flag is the pending FINRA arbitration claim filed in November 2024 alleging that Waldron made unsuitable investment recommendations beginning in April 2022. The timing of these allegations is particularly noteworthy as they coincide with Waldron’s transition from UBS Financial Services to Wells Fargo Clearing Services.
This pending claim raises critical questions about whether Waldron:
- Properly assessed his clients’ investment objectives, risk tolerance, and financial needs
- Recommended investments that aligned with those objectives and needs
- Adequately disclosed the risks associated with recommended investments
- Properly monitored the performance of recommended investments
- Complied with FINRA regulations and Wells Fargo’s internal policies
The substantial damages sought (over $1 million) suggest potentially serious financial harm to the affected investor(s).
2. Criminal Disclosure
Waldron’s BrokerCheck report also reveals a criminal matter from 1994 when he was charged with theft (felony), possession of burglary tools (felony), and criminal trespassing (misdemeanor) in Pima County, Arizona. While all charges were dismissed on August 29, 1994, before Waldron could enter a plea, the incident still appears on his regulatory record.
According to Waldron’s statement on the matter, he was at his high school after hours with two friends when they were detained by an officer who charged them with trespassing. The officer searched Waldron’s car and found a hammer (leading to the burglary tools charge) and a pizza sign from his workplace (leading to the theft charge). Waldron states that he never went to court on these charges and that they were dismissed.
While this incident occurred long before Waldron entered the securities industry and all charges were dismissed, the disclosure still represents a red flag that investors should be aware of when considering whether to trust Waldron with their financial affairs.
3. Multiple Firm Transitions
Another potential area of concern is Waldron’s employment history, which shows multiple firm transitions throughout his career. While changing employers is not uncommon in the financial services industry, frequent moves can sometimes indicate underlying issues or conflicts.
Particularly notable is Waldron’s most recent transition from UBS Financial Services to Wells Fargo Clearing Services in March/April 2022, followed closely by the allegations of unsuitable investment recommendations beginning in April 2022. This timing raises questions about whether the change in firms may have influenced Waldron’s investment recommendations, perhaps due to pressure to generate commissions or meet certain performance metrics at his new employer.
Legal and Regulatory Framework
Financial advisors like Peter Lee Waldron are subject to numerous regulations designed to protect investors. The most relevant to our investigation include:
FINRA Rule 2111: Suitability
This cornerstone regulation requires that brokers have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on information obtained through reasonable diligence about the customer’s investment profile. This profile includes factors such as:
- Age and retirement status
- Financial situation and needs
- Tax status
- Investment objectives
- Investment experience
- Investment time horizon
- Liquidity needs
- Risk tolerance
- Other holdings
The pending arbitration claim against Waldron directly implicates this rule, alleging that he made unsuitable investment recommendations to at least one client.
SEC Regulation Best Interest (Reg BI)
Implemented in June 2020, Reg BI established a heightened standard for broker-dealers when making recommendations to retail customers. The regulation requires brokers to act in the best interest of retail customers and not place their own financial or other interests ahead of the customer’s interests.
Under Reg BI, brokers must:
- Disclose all material facts about the recommendation, including fees, costs, and conflicts of interest
- Exercise reasonable diligence, care, and skill when making recommendations
- Eliminate, or at least disclose and mitigate, certain conflicts of interest
- Establish, maintain, and enforce written policies designed to achieve compliance with Reg BI
The allegations against Waldron, which began in April 2022, would fall under the requirements of Reg BI, raising questions about whether he fulfilled these obligations.
FINRA Rule 2010: Standards of Commercial Honor
This fundamental rule requires brokers to observe high standards of commercial honor and just and equitable principles of trade. It serves as a broad ethical standard encompassing a wide range of potentially improper conduct.
Wells Fargo Policies and Procedures
In addition to regulatory requirements, Wells Fargo Clearing Services maintains its own policies and procedures regarding suitable recommendations and conflicts of interest. Violations of these internal policies may constitute additional evidence of improper conduct.
Guidance for Affected Investors
If you are or were a client of Peter Lee Waldron at Wells Fargo Clearing Services and have concerns about your investments, particularly if they were recommended after April 2022, consider taking the following steps:
1. Review Your Account Statements and Investment Documents
Thoroughly examine your:
- Account opening documents and investment objectives
- Asset allocation and concentration levels
- Performance history compared to appropriate benchmarks
- Communications with Waldron about your investments
- Fee disclosures and statements
Pay particular attention to any investments recommended after April 2022, when the alleged unsuitable recommendations began.
2. Evaluate the Suitability of Your Investments
Consider whether your investments align with your:
- Stated investment objectives
- Risk tolerance
- Time horizon
- Financial situation
- Need for liquidity
- Tax considerations
If you believe your investments were unsuitable or not in your best interest, document the specific reasons why.
3. Document All Communications
Gather and preserve:
- Emails and written correspondence with Waldron
- Notes from meetings or phone calls
- Marketing materials you received
- Account statements and trade confirmations
- Financial plans or investment proposals
This documentation can be crucial evidence if you decide to pursue a claim.
4. Understand the Timeframe for Filing Claims
Be aware that FINRA arbitration claims generally must be filed within:
- Six years of the event giving rise to the dispute
- Two years from when a reasonable investor would have discovered the basis for the claim
Given these time limitations, it’s important to act promptly if you believe you have suffered losses due to unsuitable recommendations or investment misconduct.
5. Consult with a Securities Attorney
If you suspect that you received unsuitable investment recommendations from Peter Lee Waldron, it’s advisable to consult with an attorney who specializes in securities law and FINRA arbitration. An experienced securities attorney can:
- Evaluate the merits of your potential claim
- Assess potential damages
- Navigate the complex FINRA arbitration process
- Advocate effectively for your interests
How Our Securities Fraud Law Firm Can Help
Our law firm specializes in representing investors who have suffered losses due to broker misconduct, including unsuitable investment recommendations and violations of Regulation Best Interest. We offer:
Comprehensive Case Evaluation
Our experienced securities attorneys will conduct a thorough analysis of your investment history with Peter Lee Waldron, examining:
- Account statements and transaction history
- Investment objectives and risk tolerance documentation
- Communications and disclosures from Waldron and Wells Fargo
- Performance compared to appropriate benchmarks
- Potential violations of securities regulations
Forensic Financial Analysis
We collaborate with financial experts to perform detailed analysis of your investments, including:
- Quantification of actual losses compared to appropriate benchmark portfolios
- Assessment of risk levels compared to your stated objectives and risk tolerance
- Evaluation of fees and costs associated with recommended investments
- Analysis of alternative suitable investments that should have been recommended
FINRA Arbitration Representation
If we determine you have a viable claim, our attorneys will:
- Prepare and file a Statement of Claim with FINRA
- Gather evidence through the discovery process
- Identify and interview potential witnesses
- Develop compelling arguments based on securities regulations
- Represent you throughout the arbitration process
- Negotiate potential settlements where appropriate
Contingency Fee Structure
We understand the financial strain that investment losses can cause. Our firm typically works on a contingency fee basis, meaning:
- No recovery, no fee
- Initial consultations at no cost
- You pay legal fees only if we recover money on your behalf
If you believe you’ve suffered losses due to unsuitable investment recommendations from Peter Lee Waldron, don’t delay in seeking legal assistance. The time to file claims is limited by regulatory requirements. Contact our team of investment fraud attorneys by calling 800-950-6553 or completing our online form to discuss your situation and explore your legal options.
