Securities Arbitration Lawyers BlogFINRA Bars Broker Taek Chong After Allegations of $2M Commission Overpayment
Taek Man Chong (CRD #1551743) is a previously registered broker and investment advisor who was last registered with Raymond James Financial Services, Inc. (CRD #6694) of Mercer Island, WA. His previous employers include Deutsche Bank Securities Inc. (CRD #2525) and SG Cowen Securities Corporation (CRD #7616) of New York, NY, and A. G. Edwards & Sons, Inc. (CRD #4) of St. Louis, MO. No current employment information is available. He has been in the industry since 1986.
Two customer disputes were filed in May of 2018, both alleging overpayment of commissions, totaling $2,010,939.01. These disputes are currently listed as “pending.” According to FINRA documentation, Chong was under review for these disputes, which were related to large, institutional trades, and his registration with Raymond James was voluntarily terminated on May 22, 2018. He is not currently associated with any FINRA-member firm.
FINRA began an investigation, and sent a letter to Chong on May 25, 2018, requesting information related to the disputes. On June 19, 2018, Chong responded through counsel that he would not provide the requested information to FINRA at any time. FINRA issued an Acceptance, Waiver & Consent (AWC) letter, in which Chong neither admitted nor denied findings, and signed on June 22, 2018. FINRA subsequently barred Chong indefinitely, and in all capacities, effective June 28, 2018.