Raymond James Accused Of Misappropriation
Taek Man Chong of Mercer Island Washington a stockbroker associated with Raymond James Financial Services Inc. was the subject of a customer initiated investment related which was settled for $1,091,070.30 in damages based upon allegations that the stockbroker “misused” the customer’s funds.
Chong has also been referenced in a customer initiated investment related complaint on June 28, 2019 in which the customer requested unspecified damages supported by allegations that the customer was charged unreasonable commissions on trades placed in the customer’s Raymond James brokerage account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Chong is referenced in two more customer initiated investment related disputes containing allegations of his wrongdoing while associated with Raymond James. Specifically, on August 29, 2018,
Another customer initiated investment related complaint concerning Chong’s activities was resolved for $927,628.91 in damages on October 30, 2018 supported by accusations that when Chong was associated with Raymond James, the customer had been charged excessive commissions and exposed to Chong’s defalcation.
Chong has been barred from associating with any FINRA member in any capacity supported by findings that the stockbroker failed to provide information and documentation to FINRA personnel when he was under investigation. Letter of Acceptance Waiver and Consent No. 2018058621901 (June 28, 2018). According to the AWC, the stockbroker was terminated by Raymond James while under investigation for overcharging customers on institutional trades. FINRA asked for Chong to provide written information in response to what Raymond James conveyed about him. Chong refused to hand over anything to the regulator. FINRA found that Chong’s failure to cooperate in the investigation constituted the violation of FINRA Rules 2010 and 8210.
Chong was registered with Raymond James between August 4, 2000 and May 22, 2018.