David Wei Wong of Los Angeles, California, the owner and CEO of Integrity Brokerage LLC, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a complaint alleging that Wong misused and converted customer funds. Department of Enforcement v. David Wong, Complaint No. 2021069373001 (May 7, 2024).
FINRA Department of Enforcement alleged that Wong, while associated with Integrity Brokerage LLC, converted and misused customer funds on two separate occasions. In March 2022, Wong transferred funds from a customer’s IRA to Integrity’s bank account without the customer’s approval. In January 2023, Wong transferred money from a trust account created for the benefit of two customers into Integrity’s bank account without their approval. This reportedly happened while Wong held positions of owner, Chief Executive Officer, Chief Compliance Officer, and Chief Financial Officer at Integrity Brokerage.
The regulator claims that Wong’s conduct violated FINRA Rules 2010 and 2150(a), which prohibit improper use of a customer’s securities or funds.
FINRA Department of Enforcement requested that the Hearing Panel find that Wong committed the violations charged and impose sanctions.
FINRA Public Disclosure shows that a customer initiated an investment related FINRA securities arbitration claim involving Wong’s conduct. This claim was settled for $50,000.00 in damages resulting from viatical settlements, direct investments, and real estate securities transactions during the time that Wong was associated with Integrity Brokerage Services Inc. FINRA Arbitration No. 21-01782. (July 15, 2021)
Wong was associated with Integrity Brokerage Services Inc. in Seattle, Washington, from September 29, 2020, to September 24, 2020. He has been associated with Integrity Brokerage LLC in Los Angeles, California, and Seattle, Washington, since April 3, 2020. He has also been associated with Integrity Advisers LLC in Seattle, Washington, since January 21, 2021.
