Securities Arbitration Lawyers BlogFelix Chu, Former NYLife Securities Broker, Barred By FINRA
Felix Chu (Felix S Chu CRD# 2427593) is a barred broker last registered with NYLife Securities in Pleasant Hill, California. FINRA indefinitely barred Chu from association with any FINRA member in all capacities for failing to respond to a request for information.
Chu’s publicly-available FINRA BrokerCheck report shows that he has been registered with NYLife Securities his whole career, from 1994 until his barring in 2019.
Felix Chu Disclosures
Felix Chu (Felix S Chu) has 3 disclosures on his publicly available FINRA BrokerCheck report (CRD# 2427593), including 2 customer disputes and 1 regulatory disclosure:
December, 2019: A regulatory disclosure states that Felix Chu was barred: “Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated December 4, 2019 and January 2, 2020, respectively, on March 9, 2020, Chu is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.”
October, 2019: A customer dispute states “Plaintiff alleges that beginning in March 2016 until September 2018, she and her late husband were misled into purchasing promissory notes for a total of $305,000.00. Plaintiff further alleges that they were misled into remitting a check for $75,000 to purchase what they believed to be additional insurance. Plaintiffs are seeking compensatory damages in excess of $380,000, lost income, interest, punitive damages and attorneys’ fees.” $380,000 in damages were requested. The claim is pending as of this writing.
August, 2019: A customer dispute alleges that “beginning in 2015, they were misled into purchasing promissory notes. Plaintiffs are seeking the return of principal, interest, punitive damages and attorneys’ fees.” $836,950 in damages were requested. The claim is pending as of this writing.
Investors Allege They Were Misled About Promissory Notes
The two customer disputes on Chu’s record both allege that clients were “misled into purchasing promissory notes”.
Promissory notes are a promise to repay investment money in a series of payments based on certain factors. They may be described as safer than investing in the stock market, but promissory notes can involve high risk.
Investment advisers sometimes like to sell promissory notes because they earn a higher commission from them than from other investments. Cases of investors not being paid back the money they invested in promissory notes and feeling that their adviser misled them are not uncommon.
Contact Silver Law Group If You Have Investment Losses With Felix Chu Or NYLife Securities
Silver Law Group represents investors around the country in cases of securities and investment fraud. We have assisted investors in recovering losses caused by stockbroker misconduct, including misrepresentation and omission and promissory notes.
Scott Silver, Silver Law Group’s managing partner, is chairman of the Securities and Financial Fraud Group of the American Association of Justice. Contact us today for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com.