Jingbo Pan of Wilmington Delaware a stockbroker registered with Coastal Equities Inc. has been discharged by the securities broker dealer on February 13, 2020 based upon allegations that Pan neglected to abide by its procedures and policies. According to Coastal Equities, Pan failed to obtain authorization from the securities principal before he submitted an order to be executed.
This is not the first time that Pan has been referenced in a customer initiated investment related dispute containing allegations of his wrongdoing in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pan is the subject of a customer initiated investment related arbitration claim where the customer sought $125,000.00 in damages based upon accusations of negligence and a breach of a fiduciary duty by Pan in regard to the customer’s investments in direct participation programs or limited partnerships during the period in which he was associated with International Assets Advisory. FINRA Arbitration No. 19-03140 (Oct. 18, 2019).
On October 31, 2019, a customer filed an investment related arbitration claim concerning Pan’s activities where the customer sought $125,000.00 in damages founded on accusations that a fiduciary duty was breached by Pan’s activities at International Assets Advisory and that the customer sustained losses from negligent direct investment transactions. FINRA Arbitration No. 19-03141.
Pan is also referenced in a customer initiated investment related arbitration claim which was settled for $20,000.00 in damages based upon allegations of Pan’s bad real estate security and direct investment sales. FINRA Arbitration No. 19-02048 (Jan 7, 2020). According to the claim, there was a lack of due diligence performed on the alternative investments sold to the customer. Transactions effected by Pan were allegedly not suitable and had failed to be supervised by International Assets Advisory and Berthel Fisher Company Financial Services Inc. The claim also alleges misrepresentation and the breach of a fiduciary duty by Pan while associated with Berthel Fisher and International Assets Advisory.
Pan’s registration with International Assets Advisory has been terminated as of August 10, 2018. He was registered with Axiom Capital Management Inc. between November 2, 2018 and May 21, 2019 and then registered with Coastal Equities Inc. between May 24, 2019 and February 14, 2020.
