Choosri Lao from Tinley Park, Illinois Suspended and Fined by FINRA
Have you lost money with financial advisor Choosri Lao from Tinley Park, Illinois? We are currently investigating allegations made against Choosri Lao, who previously worked with Cetera Advisor Networks. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Ms. Lao, alleging that she entered into an arrangement with another financial advisor at Cetera Advisor Network to sell to invest in alternative investments like REITs (real estate investment trusts) and business development companies (or BCDs), while Lao was not properly registered to sell such securities.
FINRA alleged that during 2013 and 2014, Choosri Lao facilitated the sales of 32 alternative investments to 26 customers through the financial advisor, who is identified as “RH”. FINRA alleged that Lao facilitated these transactions, even though she was not registered to sell securities between January 2013 and April 2014. Lao was alleged to have been paid $102,000 for these transactions. To settle these allegations, Lao agreed to a two-month suspension and a $5,000 fine.
Choosri Lao was a registered representative and financial advisor of Cetera Advisor Networks from May 2014 to December 2015. She was also affiliated with KCD Financial from March 2016 to April 2017. Lao worked at branch offices in Tinley Park, Illinois. Lao was also terminated by Cetera for using outside email communications.
Broker-dealers like Cetera Advisor Networks have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to ensure that their representatives are properly registered. When broker-dealers 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; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration in all 50 states, including over 150 investors in the past from throughout the Chicagoland area, Northern Illinois, and Central Illinois.
Attorney David Neuman was born in Berwyn, Illinois and grew up in the western suburbs in Addison. He earned a degree in Finance at the University of Illinois in Urbana-Champaign before earning his law degree at Northern Illinois University in DeKalb, Illinois. Mr. Neuman also previously worked for a number of Chicago area law firms, including firms in St. Charles, Geneva, Chicago, and Barrington.
Click to view: Lao, Choosri FINRA AWC
Click to view: Lao, Choosri BrokerCheck 3.6.18
If you lost money with Choosri Lao or Cetera Advisor Networks, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.