Our firm is investigating Wells Fargo Advisors Financial Network, LLC broker and investment adviser representative Shalom Azar (CRD# 7125424) of Fort Lee, New Jersey for potential investment-related misconduct.
Shalom Azar’s Stockbroker Career History
Shalom Azar is currently registered with Wells Fargo Advisors Financial Network, LLC as a broker and with Wells Fargo Advisors as an investment adviser representative, working from the firm’s Fort Lee, New Jersey office. He has been registered with Wells Fargo Advisors Financial Network, LLC since July 22, 2025.
Before joining Wells Fargo, Azar was registered with Morgan Stanley from July 2021 through August 2025 in Paramus, New Jersey. He was also registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated from August 2019 through July 2021 as a broker and from September 2019 through July 2021 as an investment adviser representative in Stamford, Connecticut.
Azar’s reported employment history includes Wells Fargo Advisors Financial Network, LLC as a registered representative beginning in July 2025, Morgan Stanley Smith Barney LLC as a financial advisor from July 2021 to July 2025, Morgan Stanley Private Bank, N.A. as a financial advisor from August 2021 to July 2025, Bank of America, N.A. as a financial advisor trainee from June 2019 to July 2021, and Merrill Lynch as a financial advisor trainee from May 2019 to July 2021.
Shalom Azar Fraud Allegations and Investor Complaints Explained
According to FINRA BrokerCheck, Shalom Azar has 11 customer dispute disclosures and one employment-separation disclosure. The customer disputes were reported in connection with Azar’s prior association with Morgan Stanley and primarily involve allegations concerning commissions, managed or wrap accounts, advisory account rates, account transfers, placement fees, and one denied suitability complaint involving a private placement.
Nine customer disputes were settled for a combined total of $486,654.94. One customer dispute was denied, and one customer dispute remains pending. Azar has denied the allegations in several of the complaints, and the settlements report no individual contribution by Azar. A settlement is not the same as a finding of liability.
Pending Customer Dispute Involving Commissions and Advisory Account Fees
A pending customer dispute was reported by Morgan Stanley with a complaint received date of July 25, 2025, and by the broker with a complaint received date of August 25, 2025. The customer alleges, among other things, misrepresentation with respect to commissions charged on trades and the rate charged on an advisory account during 2024 and 2025.
The products listed are equity listed securities, including common and preferred stock, and managed accounts. The alleged damages are listed as $0.00, with the damages amount described as unspecified. The matter is pending. In his broker statement, Azar denies the allegations and states that it was his practice to disclose fees and commissions and that the charges were consistent with Morgan Stanley’s fee schedules, policies, procedures, trade confirmations, and statements.
Settled Morgan Stanley Customer Complaints
For context, the settled customer disputes include the following:
- Customer dispute received December 18, 2025 by the firm and March 11, 2026 by the broker: The customer alleged misrepresentation concerning commissions charged on individual trades and the opening of a managed account. Product type: managed/wrap accounts. Disposition: Settled on February 12, 2026 for $28,324.36. Individual contribution: $0.00.
- Customer dispute received July 31, 2025 by the firm and January 13, 2026 by the broker: The customer alleged misrepresentation concerning commissions charged on individual trades and the opening of a managed account. Product type: managed/wrap accounts. Disposition: Settled on January 6, 2026 for $37,225.81. Individual contribution: $0.00.
- Customer dispute received August 26, 2025 by the firm and December 15, 2025 by the broker: The customer alleged misrepresentation concerning commissions charged on individual trades and the opening of a managed account. Product type: managed/wrap accounts. Disposition: Settled on December 4, 2025 for $86,240.88. Individual contribution: $0.00.
- Customer dispute received July 29, 2025 by the firm and October 31, 2025 by the broker: The customer alleged misrepresentation concerning commissions charged on individual trades and the opening of a managed account. Product type: managed/wrap accounts. Alleged damages were $24,309.00. Disposition: Settled on October 24, 2025 for $25,234.91. Individual contribution: $0.00.
- Customer dispute received August 29, 2025 by the firm and September 5, 2025 by the broker: The customer alleged misrepresentation concerning commissions charged on individual trades and opening of a managed account during 2024 and 2025. Product type: managed/wrap accounts. Disposition: Settled on October 7, 2025 for $28,245.46. Individual contribution: $0.00.
- Customer dispute received August 19, 2025 by the firm and September 4, 2025 by the broker: The customer alleged that it was improper for the financial advisor team to make stock purchases in a commission-based account and then transfer the positions to a managed account where the customer would be assessed an advisory fee in addition to commissions paid on the purchases. Product type: managed/wrap accounts. Alleged damages were $30,000.00. Disposition: Settled on December 17, 2025 for $37,168.95. Individual contribution: $0.00.
- Customer dispute received August 5, 2025 by the firm and August 25, 2025 by the broker: The customer alleged, among other things, misrepresentation concerning commissions charged on equity trades and a placement fee on an alternative investment during 2024 and 2025. Product type: managed/wrap accounts. Disposition: Settled on October 6, 2025 for $22,256.00. Individual contribution: $0.00.
- Customer dispute received July 29, 2025 by the firm and August 25, 2025 by the broker: The customer alleged misrepresentation concerning managed account fees in 2025. Product type: managed/wrap accounts. Disposition: Settled on October 14, 2025 for $26,244.88. Individual contribution: $0.00.
- Customer dispute received July 23, 2025 by the firm and August 25, 2025 by the broker: The customer alleged that it was improper for the financial advisor team to make stock purchases in a commission-based account and then transfer the positions to a managed account where the customer would be assessed an advisory fee in addition to the commissions paid to make the purchases. Product type: equity listed securities, including common and preferred stock. Disposition: Settled on July 23, 2025 for $195,713.69. Individual contribution: $0.00.
Denied Customer Complaint Alleging Unsuitable Private Placement
A separate customer dispute was received on March 26, 2025. The customer alleged that an investment recommended by the financial advisor team was unsuitable in 2024 and claimed unspecified damages. The product type was private placements.
The complaint was denied on May 23, 2025. In his broker statement, Azar denied the allegations and stated that the customer authorized the sale of securities, had expressed concerns about anticipated market conditions, wanted to diversify, and that the new investment was suitable for the customer’s investing goals.
Morgan Stanley Employment Separation After Allegations
FINRA BrokerCheck also reports an employment-separation disclosure involving Morgan Stanley. The disclosure states that Azar voluntarily resigned on July 22, 2025 after allegations regarding the movement of client positions between different account types. The product type listed for the employment-separation disclosure is equities and advisory accounts.
To obtain a copy of Shalom Azar’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Linked the FINRA rule names below.
FINRA Rule 2010 requires member firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade. In the context of the complaints reported in Azar’s BrokerCheck record, this rule may be relevant because the allegations concern whether customers were fairly and accurately informed about commissions, managed account fees, advisory account rates, and the movement of positions between account types. If proven, alleged misrepresentations or undisclosed fee practices can raise fair-dealing concerns under FINRA’s broad ethical standards.
FINRA Rule 2121 addresses fair prices and commissions. This rule is relevant because many of the reported customer disputes involve alleged misrepresentation of commissions charged on equity trades, individual trades, managed accounts, advisory fees, and placement fees. In investor disputes involving commissions, a key question is whether the customer was charged a fair and reasonable commission or service charge and whether the fee structure was adequately disclosed before the transaction or advisory arrangement.
FINRA Rule 2111 requires a broker or associated person to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile. This rule is relevant to the denied complaint alleging that a private placement recommendation was unsuitable. In that context, suitability analysis may involve the investor’s objectives, risk tolerance, liquidity needs, tax status, investment experience, time horizon, and ability to understand the risks of a private placement or related investment strategy.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
