FINRA fined and suspended former LPL Financial (Torrance, CA) and Kinecta Wealth Management (Westlake Village) broker Jay William Eng for impersonating a potential LPL client during a telephone call with an annuity company and for retaining nonpublic personal customer information after leaving the brokerage firm and Registered Investment Advisor.
Regulators found that Eng impersonated a potential customer while on a phone call with a company at which this potential customer held an annuity. Eng purportedly used personal information such as the customer's social security number and policy ID to convince the company he was the customer, and then obtained information about the annuity's surrender terms based on this impersonation, without authorization from the actual customer who was unaware they were being impersonated.
Broker Jay Eng (CRD #2241817) also improperly took classified nonpublic personal customer information with him after leaving both LPL Financial and Kinecta following the allegations of impersonating a customer to an annuity company, and used the privileged information to set up and transfer customer accounts from LPL and Kinecta to Eng's new firm, Independent Financial Group (IFG), of Torrance and Redondo Beach, California. Eng operates an entity known as Eng Wealth Management for marketing purposes.
If you invested with former LPL Financial and Kinecta Wealth Management broker Jay Eng, or with any investment adviser whose unauthorized impersonation or retention of your nonpublic personal information 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.