California Securities Fraud Attorney Call Today 800-699-1881
California Securities Fraud Lawyer Firm Overview Attorney Profiles Recoveries Obtained Frequently Asked Questions Testimonials Contact Us
information center
Attorney Advertising Disclaimer
Securities
Broker Misrepresentation
Brokerage Firms Sued
FINRA
Structured Products
Hedge Fund Losses
Recognizing Investment Losses
Recovery of Investment Loss
Securities Arbitration
Reverse Convertible
Misconduct
Securities Fraud
Securities Mediation
Securities Litigation
Stock/ Investment Losses
Suitability/ Unsuitability
Unauthorized Trading
Common Claims
Products
Frequently Asked Questions
Attorney Referrals
Video Center
securities fraud blog
legal blog Click here for a free case evaluation. Read our Articles on Securities Related Issues here. have a question resources
contact us
Name:
Email:
Phone:
Are you a new client?
Message:
10 Avvo avvo badge
If you need help recovering your losses contact us today. View our complete list of brokerage firms and banks we've sued.

Yong "Michael" Chen Fined, Suspended for Failure to Report Outside Business Activities

The Financial Industry Regulatory Authority (FINRA) has fined and suspended registered representative Yong "Michael" Chen of Sunnyvale, California, for failure to disclose to his employer of outside business activities.

FINRA Case #2011026004601

While associated with firm Foresters Equity Services, Inc., Chen operated a business venture on the side called Mastermind College Funding Group, a corporation engaged in financial aid planning, application services and tax, career and college admission planing services. Chen was found to have received $44,000 in compensation from Mastermind, but had failed to notify Foresters of his involvement in the corporation.

Chen also was found to have sold a fixed indexed annuity through an insurance company to a non-Foresters customer without notifying Foresters of the sale. Chen received $2,322 in commission for the transaction.

Not only did Foresters have a policy prohibiting outside business activity without first notifying the firm, FINRA rules require such disclosures. Without full disclosure of outside activities, representatives and brokers can easily put themselves in positions where clear conflicts of interest or involvement in unregulated and potentially fraudulent schemes arise, possibly putting investors at severe financial risk.

If you suspect a broker has engaged in misconduct outside of a FINRA member firm's supervision which resulted in losses to you, please call The Law Offices of Jonathan W. Evans & Associates at 818-760-9880.

Categories: Discipline, Selling Away
accolades
The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
Website: