DID FENG KOU CHEN CAUSE YOU INVESTMENT LOSSES?
Feng Chen Formerly With Consolidated Portfolio Review Corp was fired on September 30, 2024, due to alleged nondisclosure of previous termination details.
Who is Feng Chen formerly with LPL Financial LLC?
Feng Chen (CRD #6424082) who was formerly registered as a broker with LPL Financial LLC and located in Campbell, California, is a subject of one of our many securities industry sales practice abuse investigations.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Feng Chen Employment History and Terminations
Feng Kou Chen has been in the securities industry since 2015, previously working with firms such as Ameriprise Financial Services, Inc., Waddell & Reed, and LPL Financial LLC. His experience also includes work in mutual funds and unit investment trusts, though his current registration status is inactive.
He passed two general industry/product exams and one multi-state securities law exam, including the Series 7 and Series 66 exams.
Feng Chen’s employment history includes recent terminations from Consolidated Portfolio Review Corp and LPL Financial LLC. Chen was discharged from Consolidated Portfolio on September 30, 2024, for allegedly failing to fully disclose details of a previous termination from LPL. Previously, he was discharged from LPL Financial in October 2022 over allegations of conducting transactions in customer accounts without valid written authorization.
Negative Disclosures Summary
- Regulatory Action:
- FINRA Action (October 8, 2024): Chen accepted sanctions from FINRA without admitting or denying the findings, which included falsifying information by listing himself as a beneficiary on customer accounts without consent. Additionally, he conducted unauthorized sales of mutual funds totaling over $1.9 million and purchased unit investment trusts totaling more than $1.7 million.
- Customer Dispute:
- Settled Dispute (August 22, 2023): A customer complaint alleged unsuitable investment positions in equity stocks. LPL Financial reached a settlement of $25,000, paid solely by the firm without Chen’s contribution.
- Employment Terminations: 2
- LPL Financial Termination (October 28, 2022): Chen was terminated due to unauthorized transactions in customer accounts.
- Consolidated Portfolio Termination (September 30, 2024): Discharged for alleged nondisclosure of details surrounding the prior termination from LPL.
Allegations and Accusations Summary:
- Unauthorized Beneficiary and Transactions Allegation: FINRA findings reveal that Chen added himself as a beneficiary on customer accounts and conducted unauthorized mutual fund sales and UIT purchases. These actions resulted in a regulatory suspension.
- Suitability Concerns: A customer dispute in 2023 alleged that Chen’s recommended equity positions were unsuitable, leading to a settlement paid by LPL Financial.
- Disclosure Compliance Issue: Chen’s failure to fully disclose termination details led to his most recent discharge from Consolidated Portfolio Review Corp, further emphasizing the importance of transparency in client-advisor relationships.
Feng Chen Red Flags & Your Rights As An Investor
Regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint was filed, the termination of Feng Chen is a red flag which should put all current and former customers of Feng Chen at LPL Financial LLC on alert to review carefully the activity and performance of their accounts and question whether Feng Chen engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at LPL Financial LLC also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At LPL Financial LLC Due To Feng Chen
If you have questions about LPL Financial LLC and/or Feng Chen and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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