• July 13, 2023
• Financial Industry Regulatory Authority

Sean Pong (CRD#: 2406530) is a previously registered Broker and an Investment Adviser.

Broker’s Background

He entered the securities industry in 1993 and previously worked for U.S. Bancorp Investments, Inc.; J.P. Morgan Securities, LLC; Chase Investment Services, Corp.; WAMU Investments, Inc.; Great Western Financial Securities Corporation; and Sunpoint Securities, Inc.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2023, FINRA sanctioned Sean Pong with a permanent bar from all capacities indefinitely, beginning June 7, 2023. The FINRA sanction states, “Without admitting or denying the findings, Pong consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into his OBA. The findings stated that the investigation originated from FINRA’s review of a disclosure filed by Pong’s member firm that stated that the firm had become aware of allegations from a former customer related to the OBA.” 

For a copy of the FINRA sanction, click here.

In addition, Sean Pong has been the subject of three more disclosures, including the following:

• August 2021 — “Failure to timely and accurately disclose Outside Business Activity pursuant to Rule 3270 and firm policy.” Sean Pong was discharged by U.S. Bancorp Investments, Inc.
• April 2020 — “Customer alleges forgery, fraud, and unauthorized trades, and taking $134,600.00 of her retirement money against rep.” The customer dispute was denied.
• January 2013 — “COMPLAINANT ALLEGES SECURITY FRAUD AND THAT THE MUTUAL FUND WAS MISREPRESENTED.” The customer dispute was denied.

 For a copy of Sean Pong’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.

 The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.