Chingyuan Chang (also known as Gary Chang), of Cupertino, California, a stockbroker registered with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Chang failed to testify when FINRA investigated the stockbroker for possible misappropriation. Acceptance, Waiver, and Consent No. 2022075871401 (December 19, 2022).
On August 9, 2022, Morgan Stanley submitted a Form U5, which disclosed that they had terminated Chang’s employment based upon allegations that Chang misappropriated funds. Based on the allegations mentioned in the Form U5, FINRA initiated an investigation into Chang.
During the investigation, FINRA personnel sent Chang a letter on November 21, 2022, requesting Chang’s presence for testimony on November 28, 2022.
In response, Chang’s lawyer sent an email to FINRA personnel on November 22, 2022, stating that Chang had no intention of participating in FINRA’s investigation. Consequently, Chang failed to appear for the requested testimony on November 28, 2022. As confirmed by Chang’s lawyer’s email to FINRA dated November 22, 2022, Chang acknowledged receiving FINRA’s request and affirmed his refusal to provide testimony at any time. By declining to attend and provide the requested testimony, Chang violated FINRA Rules 8210 and 2010.
Chang was associated with Morgan Stanley in Cupertino, California, as a stockbroker from February 2, 2016, to August 9, 2022.
