Chun Mei Zhu (also known as Ida Mei Zhu) of Bellevue Washington a stockbroker formerly registered with Waddell Reed is referenced in a customer initiated investment related written complaint on September 25, 2020 where the customer requested $26,774.00 in damages founded on allegations that they had been placed into an unsuitable Securian annuity when Zhu was associated with Waddell Reed. According to the complaint, Securian’s product failed to provide for growth opportunities and it contained a new surrender period.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Zhu has been identified in two more customer initiated investment related disputes concerning accusations of her harmful activities while employed by Waddell Reed. On December 29, 2016, a customer filed an investment related complaint regarding Zhu’s conduct in which the customer sought $110,000.00 in damages supported by allegations that they were misled by Zhu in regard to their investments which included a managed allocation portfolio. The complaint alleges that the customer’s retirement account had been misrepresented and that their investments were mishandled by Zhu which caused poor performance.
Zhu is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $50,000.00 in compensatory damages based upon Waddell Reed being found liable on the customer’s causes of action including the violation of Washington Consumer Act and Washington Securities Act in addition to the violation of NASD and FINRA rules. FINRA Arbitration No. 17-02027 (May 2, 2018). The claim alleges negligence and breach of fiduciary duty as it pertained to the customer’s purchases of a Prudential variable annuity and a Nationwide variable annuity during the period that Zhu was associated with Waddell Reed.
Zhu’s stockbroker and investment adviser representative registrations with Waddell Reed have been terminated as of May 15, 2020. Since May 12, 2020, she has been registered with LPL Financial LLC as a stockbroker and investment adviser representative.
