David Chong, formerly with Wells Fargo, Suspended by FINRA for 11 Months
Have you lost money with financial advisor David Chong? We are looking into allegations made about David Jin Kyu Chong from Pasadena, California. FINRA (the Financial Industry Regulatory Authority) suspended David Chong from the securities industry for eleven months and ordered a $20,000 fine. FINRA alleged that David Chong engaged in private securities transactions without disclosing them to his former brokerage firm, Wells Fargo. Chong was alleged to have sold investments in a Panamanian coffee farm, a leggings manufacturer, and promissory notes in an investment company.
David Chong was a financial advisor and registered representative of Wells Fargo from 2009 to August 2018. He has been with Newbridge Securities from March 2019 to December 2020. He worked in a branch office in Pasadena, California.
Brokerage firms like Wells Fargo 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 Phoenix, Arizona; Seattle, Washington; Denver, Colorado; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout California. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Wells Fargo.