Investors Claim Fidelity Brokerage Provided Bad Annuity Advice
Ryan Sanghak Lee of Wayne New Jersey a stockbroker formerly registered with Fidelity Brokerage Services is the subject of a customer initiated investment related written complaint on May 15, 2019 where the customer sought $22,000.00 in damages based upon accusations that Lee poorly advised the customer in regards to surrendering an annuity for managed account investments during the time that Lee was associated with Fidelity.
Lee has been identified in four additional customer initiated investment related disputes containing allegations of his misconduct while employed by Citigroup Global Markets. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer filed an investment related complaint involving Lee’s conduct in which the customer requested unspecified damages based upon accusations that the risks of closed end funds sold to the Citigroup Global Markets customer had been misrepresented by the stockbroker.
Lee has been identified in another customer initiated investment related arbitration claim which was resolved for $85,630.00 in damages founded on accusations of the stockbroker’s misrepresentations as it pertained to the customer’s annuity purchase. An additional customer initiated investment related complaint concerning Lee’s activities was resolved for $375,000.00 in damages founded on accusations that the customer was placed into an auction rate security that failed to be suitable for the customer.
Lee has also been referenced in a customer initiated investment related written complaint which was settled for $15,000.00 supported by allegations that a fiduciary duty that was owed to the customer had been breached and that the customer had been defrauded on mutual fund purchases effected by Lee when he was employed by Citigroup Global Markets. According to the claim, false and misleading statements had been concerning mutual funds. The claim also alleges that Lee engaged in unsuitable trading.
On November 15, 2018, Lee was discharged by Fidelity Brokerage Services and Fidelity Personal and Workplace Advisors based upon accusations of him seeking compensation for transactions that he was not sufficiently involved in. Since July 1, 2019, he has been registered with Santander Securities.