Financial Advisor, Wenjinn Chang, Has Had Two Customer Complaints In 2018 Alleging Sales Practice Violations
The Wolper Law Firm is currently investigating claims against Wenjinn James Chang, a Financial Adviser at Independent Financial Group in Rockville, Maryland. Wenjinn Chang has been in the securities industry since 2002 and previously worked at Ameritas Investment Corp.
to publicly available records released by the Financial Industry Regulatory
Authority (FINRA), in 2018, two separate customers filed complaints against Wenjinn
Chang, alleging sales practice violations.
The first complaint, filed on September 11, 2018, alleges “
Alleges representative failed to advise of the risks of the investments made and that the Claimant has suffered losses as a result of the investments made.” The matter was resolved for $10,000.
The second complaint, filed on October 15, 2018, alleges “over-concentration of non-traded REITs that were not suitable and that resulted in losses.” The alleged damages are $50,000 and remains pending.
Non-traded REITs do not trade a public securities exchange. For this reason, non-traded REITs can be illiquid, meaning investors may be unable to sell their investments on demand. Typically, the commissions generated on non-traded REITs are higher than industry norm and may be subject to extreme volatility due to associated risk factors. Non-traded REITs are only suitable for investors with a long term investment horizon who are willing to accept higher levels of risk in their investments.
For a copy of Wenjinn Chang’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/4536266#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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 email@example.com.
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