Hung Sam Cited for Borrowing From Wells Fargo Customer Without Authorization

Attorney Advising Disclaimer

FINRA fined and issued a two-month suspension to former Wells Fargo Clearing Services (Laguna Niguel, CA) representative Hung Sam for borrowing $230,000 from a firm customer without authorization.

According to AWC #2020068815701, Hung Tuan Sam (CRD #6065447) borrowed $230,000 from a Wells Fargo customer to finance a real-estate transaction without Wells Fargo's knowledge or prior written authorization, in contravention of firm procedures.

Sam resigned from Wells Fargo in December 2020.

In April 2020, in what appears to be a separate matter, a customer alleged that Sam did not sell securities as instructed, but that dispute was denied.

Prior to his 2016-2020 association with Wells Fargo Clearing Services, Sam was registered with Merrill Lynch, also of Laguna Niguel, California.

In November 2020, Sam joined Kovack Securities as an investment advisor representative and indicates a handful of real estate and rental properties in the other business activities section of FINRA's BrokerCheck report.

Sam is also listed as President of Capital Gains Financial Services.

If you invested with or loaned money to ex-Wells Fargo broker Hung Sam or with another rep or financial adviser who engaged in an undisclosed business activity or engaged in a prohibited loan agreement that has proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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