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 firstname.lastname@example.org 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.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct