FINRA fined and suspended representative Sharon Melinda Kwan aka Sharon Chen or Mei Man Quan of Royal Alliance Associates' Arcadia, California branch for participating in undisclosed real estate activities and managing a joint bank account with a firm client while she was associated with National Planning Corporation, also of Arcadia, CA.
FINRA found that Kwan (CRD #2578627) participated in the undisclosed real estate activities with two firm customers who were also friends of Kwan's. In addition to the undisclosed activities, FINRA wrote that Kwan provided inaccurate annual firm compliance answers regarding outside business activities, and furthermore maintained two joint bank accounts with a firm customer in contravention of firm policy.
The findings state that Kwan's customer deposited approximately $1.4 million into the two accounts that Kwan co-controlled, and that she provided inaccurate answers on firm compliance questionnaires regarding the joint bank accounts held with a firm customer.
National Planning Corporation terminated Kwan in 2013 for failing to disclose a bank account which she shared with a client, after which she joined Royal Alliance's Arcadia branch. Kwan had previously served as a broker with Royal Alliance of Orange, CA from 1995-2009.
Kwan's BrokerCheck report indicates additional business activities selling property, casualty, health, and life insurance as President and owner of SMK Financial Services Inc. and SMK Insurance Agency; President of the International Chinese Women Organization; and Presidents of the Rancho Santa Anita Property Owners Association.
If you have invested with former National Planning Corporation and current Royal Alliance Associates broker Sharon Melinda Kwan of Southern California, or with any financial adviser who has engaged in undisclosed outside business activities, or who has received your funds into a bank accounts that he or she controlled—joint or otherwise—and such prohibited activities have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.