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 requested $866,302.56 in damages founded on accusations that the customer was placed into unsuitable over-the-counter equities by Chu during the time that he was employed by RBC Capital Markets. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-00378 (February 22, 2022).
Chu has been identified in eight more customer initiated investment related disputes concerning allegations of his activities while he was associated with securities broker dealers, including RBC Capital Markets and Merrill Lynch Pierce Fenner Smith Inc. FINRA Public Disclosure shows that Chu is referenced in a customer initiated investment related written complaint where the customer sought $90,000.00 in damages supported by accusations that the customer was provided unsuitable investment advice by Chu when he was associated with Merrill Lynch.
On November 5, 2021, another customer initiated investment related FINRA securities arbitration claim involving Chu’s conduct was resolved for $500,000.00 in damages based upon allegations of bad advice by Chu concerning industrial metals and materials stocks and oil-producing stocks while Chu was registered with RBC Capital Markets. FINRA Arbitration No. 20-02351. The claim alleges that the customer’s account had been overconcentrated in the energy sector against the customer’s objectives for investing between September 2018 and January 2020.
Chu is identified in a different customer initiated investment related FINRA securities arbitration claim which was settled for $182,500.00 in damages founded on accusations that the customer’s account was not diversified by Chu at RBC Capital Markets. FINRA Arbitration No. 20-03688 (January 31, 2022). The claim alleges that the customer’s individual retirement account contained an overconcentration in oil and gas investments. Chu’s trading was allegedly unsuitable given the customer’s risk tolerance and investment objectives.
Chu is also the subject of a customer initiated investment related written complaint on January 28, 2021, in which the customer requested $180,213.94 in damages supported by allegations of an unsuitable strategy concerning oil and gas securities at RBC Capital Markets. The complaint alleges that the customer’s advice was potentially impaired given Chu’s relationship with the CEO of an oil and gas company that issued securities to the customer.
Another customer filed an investment related FINRA securities arbitration claim regarding Chu’s activities where the customer sought $1,000,000.00 in damages based upon accusations of breach of fiduciary duty and negligence by Chu concerning energy equities purchased for the customer’s account at RBC Capital Markets. FINRA Arbitration No. 21-01301 (June 22, 2021). According to the claim, RBC Capital Markets failed to supervise the customer’s account.
Chu is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,102,631.69 in damages founded on allegations of Chu’s unsuitable trading of energy sector investments during the time that he was employed by RBC Capital Markets. FINRA Arbitration No. 21-03025 (January 12, 2022).
On February 7, 2022, another customer filed an investment related FINRA securities arbitration claim involving Chu’s conduct where the customer sought $500,000.00 in damages supported by accusations of misrepresentation and again providing unsuitable advice to the customer by Chu in connection with certain preferred securities. FINRA Arbitration No. 22-00262.
Chu was associated with Merrill Lynch Pierce Fenner Smith between August 2, 2002, and August 30, 2018. He has been registered with RBC Capital Markets since August 29, 2018, as a stockbroker and investment adviser representative.
