Gurpreet Chandhoke and Stephen Shea, previously with Arete Wealth Management, Each Suspended Two Years by FINRA
Have you lost money with financial advisors Gurpreet Chandhoke and Stephen Shea? We are continuing to look into allegations made against Gurpreet Singh Chandhoke and Stephen F. Shea from Orinda, California. In 2019, FINRA (the Financial Industry Regulatory Authority) filed a complaint against Chandhoke and Shea. FINRA alleges that Chandhoke and Shea raised $9.9 million in investments in VII Peaks BDCS (or business development companies) and AlesiaTec, without disclosing such to their former brokerage firms, which included Arete Wealth Management and Penserra Securities.
In November 2020, FINRA reached an Order Accepting Offer of Settlement with Chandhoke and Shea. Pursuant to the Order, Chandhoke and Shea were both suspended from the securities industry for two years, and they were each fined $50,000.
Gurpreet Chandhoke and Stephen Shea were financial advisors and registered representatives of Arete Wealth Management from May 2016 to August 2017. They were also affiliated with Penserra Securities from February 2015 to April 2016 and with Gordian Investments from September 2012 to September 2014. They worked in a branch office in Orinda, California.
Brokerage firms like Arete Wealth Management have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including California. Our attorneys have represented over one thousand investors against many brokerage firms in the past.