Former NY Life Securities Broker, Felix Chu, Barred By FINRA After Failing To Cooperate With Investigation
Felix Chu (CRD # 2427593) was a Financial Advisor at NY Life Securities in Pleasant Hill, California. Felix Chu has been in the securities industry since 1994 and worked at NY Life his entire career.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 4, 2019, FINRA sanctioned Felix Chu, barring him from associating with any FINRA Member after he failed to cooperate with its investigation and request for information.
In addition to this regulatory bar, Felix Chu has two customer complaint disclosures from 2019, alleging sales practice misconduct. The allegations against Felix Chu are the following:
• October 29, 2019—”Plaintiff alleges that beginning in March 2016 until September 2018, she and her late husband were misled into purchasing promissory notes for a total of $305,000.00. Plaintiff further alleges that they were misled into remitting a check for $75,000 to purchase what they believed to be additional insurance. Plaintiffs are seeking compensatory damages in excess of $380,000, lost income, interest, punitive damages and attorneys’ fees.” The alleged damages are $380,000 and the matter remains pending.
• August 2019—”Plaintiffs allege that beginning in 2015, they were misled into purchasing promissory notes. Plaintiffs are seeking the return of principal, interest, punitive damages and attorneys’ fees.” The alleged damages are $836,950 and the matter remains pending.
For a copy of Felix Chu’s CRD, click https://brokercheck.finra.org/individual/summary/2427593.
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.
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