Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Feng Chen (Chen), previously associated with LPL Financial LLC, has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Chen recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 08, 2024.
Without admitting or denying the findings, Chen consented to the sanction and to the entry of findings that he falsified information on customer account forms by adding his own name as beneficiary to the accounts without the customers’ knowledge or consent or his member firm’s approval. The findings stated that in doing so, Chen falsely identified himself as a friend or relative of the customers on the required forms. Subsequently, the firm detected Chen’s misconduct and removed him as beneficiary from the accounts. The findings also stated that without the customers’ prior authorization, Chen sold mutual funds in customer accounts totaling more than $1.9 million and purchased UITs for customer accounts totaling more than $1.7 million.