Financial Advisor Shuai Wang Suspended by FINRA

• June 29, 2026
• Cambridge Investment Research

Broker’s Background

 

Shuai Wang (CRD #: 4725754) is registered with Cambridge Investment Research, Inc. He is located in San Jose, CA. Wang’s past employers include Northwestern Mutual Investment Services, LLC, OneAmerica Securities, Inc. and Cambridge Investment Research Advisors, 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 2026, Shuai Wang was suspended after the following allegations:

• Without admitting or denying the findings, Wang consented to the sanctions and to the entry of findings that he failed to timely and accurately disclose an OBA for which he received compensation to his member firm. The findings stated that without providing prior written notice to his firm, Wang entered into a referral arrangement with a tax consultancy service under which he earned percentage-based referral fees when customers he referred invested in tax-oriented investments offered by the consultancy. When Wang belatedly sought his firm’s approval of his OBA, he failed to accurately disclose the nature and scope of the referral arrangement. Specifically, Wang misstated the activity’s start date, understated his compensation by reporting $1,000 in expected annual earnings despite having already earned approximately $4,500 in referral fees, and misrepresented his involvement by claiming he merely made introductions and asked questions about strategies. In reality, Wang facilitated and participated in all communications between customers and the consultancy, collaborated with the consultancy to select the products to pitch to customers, and in some instances directed specific analyses modeling investment returns. Wang referred 26 firm customers and one former customer to the consultancy. Six firm customers and one former customer purchased approximately $495,000 in tax-oriented investments through a leveraged charitable giving program, generating approximately $30,000 in referral fees for Wang. Despite this activity, Wang failed to update his OBA disclosure, and falsely attested in an annual compliance questionnaire that he had fully and accurately disclosed all OBAs to the firm.

.For a copy of Shuai Wang FINRA Broker Check, click here

 

We Help Investors Recover Investment Losses

The Financial Industry Regulatory Authority (FINRA) and the SEC 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. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

 

FINRA Rule 3270, titled “Outside Business Activities of Registered Persons,” provides:

No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member. Passive investments and activities subject to the requirements of Rule 3280 shall be exempted from this requirement.

 

In addition, FINRA Rule 3280 provides:

No person associated with a member shall participate in any manner in a private securities transaction except in accordance with the requirements of this Rule.

 

Prior to participating in any private securities transaction, an associated person shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction; provided however that, in the case of a series of related transactions in which no selling compensation has been or will be received, an associated person may provide a single written notice.

 

(c) Transactions for Compensation

 

(1) In the case of a transaction in which an associated person has received or may receive selling compensation, a member which has received notice pursuant to paragraph (b) shall advise the associated person in writing stating whether the member:

 

(A) approves the person’s participation in the proposed transaction; or

(B) disapproves the person’s participation in the proposed transaction.

 

(2) If the member approves a person’s participation in a transaction pursuant to paragraph (c)(1), the transaction shall be recorded on the books and records of the member and the member shall supervise the person’s participation in the transaction as if the transaction were executed on behalf of the member.

 

(3) If the member disapproves a person’s participation pursuant to paragraph (c)(1), the person shall not participate in the transaction in any manner, directly or indirectly.

 

(d) Transactions Not for Compensation

 

In the case of a transaction or a series of related transactions in which an associated person has not and will not receive any selling compensation, a member which has received notice pursuant to paragraph (b) shall provide the associated person prompt written acknowledgment of said notice and may, at its discretion, require the person to adhere to specified conditions in connection with his participation in the transaction.

 

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 (855) 289-7868 or by email at mwolper@wolperlawfirm.com