Did you lose money investing with Ji Yang (CRD# 6084289)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Ji Yang. If you suffered losses investing with Ji Yang, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of February 1, 2023, Ji Yang’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event
1 Employment Separation After Allegations
1 Criminal Disclosure
August 5, 2021 – An Office of Hearing Officers (OHO) decision became final in which Yang was barred from association with any FINRA member in all capacities. The sanction was based on the findings that Yang converted member firm funds by causing the firm to pay fictitious credit card charges. The findings stated that Yang created online payment accounts in the names of fictitious vendors. Yang used his corporate credit card to charge approximately $41,000 to the accounts. The credit card company paid these fictitious charges and Yang caused the payments to be transferred from the accounts (minus fees) to his personal bank account. To cause the firm to pay the credit card company for the fictitious charges, Yang submitted, or caused to be submitted, expense reports to the firm through its travel & expense system in which he mischaracterized the payments as business expenses. Along with his expense reports, Yang submitted, or caused to be submitted, receipts generated from the online accounts. The firm regularly paid the credit card company for the outstanding balances on Yang’s corporate credit card based on his false expense submissions. In addition, Yang sought and received reimbursement for purported meals from one of the fictitious places, which he paid with his personal credit card. Yang attributed certain fictitious expenses in his expense reports to firm clients. After discovering Yang’s misconduct, the firm reimbursed the clients who had been billed and paid for Yang’s fictitious expenses. Yang has not repaid the firm for the funds he received through his false expense submissions. In total, Yang caused the firm to pay the credit card company approximately $41,000 related to his fictitious expense reports and receipts. The findings also stated that Yang falsified firm documents by submitting the false expense reports to the firm. The findings also included that Yang failed to provide documents and information requested by FINRA which concerned, in part, his personal credit card and bank accounts. (FINRA Case #2019061187102)
Current and Previous Registrations
10/13/2016 – 01/09/2019 RBC CAPITAL MARKETS, LLC (CRD#:31194) SAN FRANCISCO, CA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Ji Yang and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
