Former Raymond James Broker, Taek Chong, Barred By FINRA After Failing To Cooperate In An Investigation Regarding Commissions He Charged For Institutional Trades
The Wolper Law Firm is currently investigating claims against Taek Chong, a former Financial Advisor at Raymond James in Mercer Island, Washington. Taek Chong has been in the securities industry since the 1980s and previously worked at Deutsche Bank.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 28, 2018, FINRA sanctioned Taek Chong, for failing to cooperate in an investigation concerning allegedly excessive commissions he charged for institutional trades. Specifically, the FINRA order states:
“Without admitting or denying the findings, Chong consented to the sanction and to the entry of findings that he failed to provide information requested by FINRA in connection with its investigation of Chong’s voluntary termination from his member firm while he was under internal review for commission amounts associated with large institutional trades.”
In addition, Taek Chong has had two customer complaints filed against him in 2018, both alleging “overpayment of commissions.” The first matter was settled for more than $1 million and the second matter—which alleges damages of nearly $1 million—remains pending.
For a copy of Taek Chong’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1551473#disclosuresSection
Financial advisors have a legal and regulatory obligation to charge customers commercially reasonable commissions for securities transactions. Typically, with larger trades, customers are given discounted commissions, often referred to as “breakpoints.” If a Financial Advisor fails to give a client the appropriate discounts based on trade volume, this conduct may give rise to a cause of action.
If you or someone you know was a customer Taek Chong and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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.
