- February 10, 2023
- Independent Financial Group
Jay Eng (CRD#: 2241817) is a registered Broker and Investment Adviser at Independent Financial Group, LLC in Torrance, CA.
He entered the securities industry in 1992 and previously worked for Kinecta Wealth Management; LPL Financial, LLC; WM Financial Services, Inc.; Electronic Trading Group, LLC; Pule Trading, Inc.; Banc of America Securities, LLC; J.P. Morgan Securities, Inc.; Chase Securities, Inc.; Schwab Capital Markets, LP; Bernard L. Madoff; Nationsbanc Montgomery Securities, LLC; and Nationsbanc Investments, 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 January 2023, FINRA sanctioned Jay Eng with civil and administrative penalties/fines of $10,000, a suspension from all capacities for 20 business days beginning February 21, 2023 and ending March 20, 2023. The FINRA sanction states, “Without admitting or denying the findings, Eng consented to the sanctions and to the entry of findings that he impersonated a prospective customer on a telephone call with an annuity company to obtain information about the annuity’s surrender timetable and charges. The findings stated that Eng used the prospective customer’s social security number, date of birth, and policy number to convince the annuity company that he was the prospective customer. Although the prospective customer had requested that Eng transfer the annuity, the prospective customer was not aware that Eng contacted the annuity company and did not authorize Eng to impersonate him. The findings also stated that Eng improperly retained nonpublic personal customer information without his member firms’ or the customers’ knowledge or consent. The night before Eng resigned from his former member firms, he printed customer records including customer names, social security numbers, account numbers, and account values. After becoming associated with his current member firm, Eng pre-filled customer information, including social security numbers and account numbers, on customer account transfer forms which were transmitted electronically to customers for execution. The forms were used to effectuate account transfers to Eng’s new firm.”
For a copy of the FINRA sanction, click here.
In addition, Jay Eng has been the subject of five other disclosures, including customer complaints and employment disclosures:
- May 2021 — “Alleges three investments made between July 2014 and August 2018 by now deceased wife were not in line with her stated risk tolerance of growth with income.” The customer dispute was withdrawn.
- January 2021 — “CUSTOMER ALLEGES MISREPRESENTATION IN REGARDS TO THE PURCHASE OF AN ALTERNATIVE INVESTMENT.” The customer dispute was denied.
- September 2020 — “Advisor contacted third-party annuity company on behalf of a prospective client and represented he was the policy holder to obtain information about the annuity.” Jay Eng was permitted to voluntarily resign from LPL Financial, LLC.
- September 2020 — “Advisor contacted third-party annuity company on behalf of a prospective client and represented he was the policy holder to obtain information about the annuity.” Jay Eng was permitted to voluntarily resign from Kinecta Wealth Management.
- September 2013 — “CUSTOMER ALLEGES HE WAS PLACED INTO AN UNSUITABLE INVESTMENT.” The customer dispute was denied.
For a copy of Jay Eng’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisers 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 advisers’ 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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