Joseph Ijong Chu of Stamford Connecticut a stockbroker currently registered with RBC Capital Markets LLC is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought $1,000,000.00 in damages founded on accusations that unsuitable energy securities were recommended by Chu when he was associated with RBC Capital Markets. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01301 (June 22, 2021).
Chu has been identified in five more customer initiated investment related disputes regarding allegations of his misconduct while employed by Merrill Lynch Pierce Fenner Smith Inc. and RBC Capital Markets. FINRA Public Disclosure shows that a customer filed an investment related complaint involving Chu’s activities where the customer requested $90,000.00 in damages supported by accusations of unsuitable advice by Chu regarding mutual fund transactions at Merrill Lynch.
On August 4, 2020, another customer filed an investment related FINRA securities arbitration claim involving Chu’s conduct in which the customer sought $1,600,000.00 in damages based upon allegations of bad advice concerning investments in industrial metals and materials stocks and in oil producing stocks given the customer’s objectives for investing. FINRA Arbitration No. 20-02351. The claim alleges overconcentration of the customer’s account in those securities. Their account allegedly sustained declines between September of 2018 and January of 2020.
Chu is referenced in another customer initiated investment related FINRA securities arbitration claim where the customer requested $367,452.00 in damages founded on accusations of Chu failing to diversify investment holdings. FINRA Arbitration No. 20-03688 (Nov. 6, 2020). The claim alleges that Chu also invested heavily in energy sector stocks contrary to the customer’s risk tolerance and objectives. According to the claim, the customer sustained a 65 percent net loss in their IRA because of Chu.
Chu is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $175,000.00 in damages supported by allegations of Chu misrepresenting risks of energy and materials sectors securities. FINRA Arbitration No. 20-02089 (July 16, 2021). The claim also alleges that the customer’s account had been overconcentrated in risky investments by Chu.
On January 28, 2021, another customer filed an investment related complaint regarding Chu’s activities in which the customer sought $180,213.94 in damages based upon accusations of Chu using a bad investment trading strategy involving oil investments while he was associated with RBC Capital Markets. The complaint alleges that Chu had a connection to the executive of one of the issuers, and that possibly prevented Chu from providing proper advice to the customer.
Chu was registered with Merrill Lynch between August 20, 2002 and August 30, 2018. Since August 29, 2018, he has been a stockbroker and investment adviser representative of RBC Capital Markets.
