Articles Tagged with Independent Financial Group attorney

shutterstock_34872913-300x209According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Wenjinn Chang (Chang), currently associated with Independent Financial Group, LLC (IFG), has been subject to at least two customer complaints during his career.  Those complaints against Chang allege that Chang recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts.

In February 2020, a customer complained that Chang violated securities laws by alleging that Chang engaged in negligent investment advice, breach of fiduciary duty, breach of contract, and fraud. The claim alleged $128,000 in damages and settled for $85,000.

In October 2018, a customer complained that Chang’s recommendations of an over-concentration in non-traded REIT’s was unsuitable. The claim alleged $50,000 in damages. The claim settled for $32,500.

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shutterstock_112866430-300x199The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Jeffrey Nesseth (Nesseth) currently associated with Independent Financial Group, LLC (Independent Financial) out of Plano, Texas.  According to a BrokerCheck report, Nesseth has been subject to at least four customer disputes, two of which are still pending.  Nesseth’s customer complaints mostly concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In June 2018 a customer alleged that Nesseth engaged in an over-concentration in REITs that was unsuitable to the customer’s investment needs.  The customer has requested $100,000 in damages.  This dispute is currently still pending.

In June 2010 a customer alleged that from December 2007 to May 2008, Nesseth made unsuitable investments of corporate debt and oil & gas causing $300,000 in damages.  The claim settled for $47,500.

DDPs include products such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments.  These alternative investments virtually never profit investors and are almost always unsuitable for investors because of their high fee and cost structure.  Brokers selling these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for products that no honest advisor would sell.

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