Lei Shen (also known as Peter Shen), of Orange, California, a stockbroker registered with NI Advisors, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $1,500,000.00 in damages based upon allegations that Shen made unsuitable investment recommendations and overconcentrated accounts in business development companies (BDCs) and real estate investment trusts (REITs) during the time that Shen was associated with Independent Financial Group LLC. FINRA Arbitration No. 23-00048 (January 5, 2023).
FINRA Public Disclosure shows that Shen is referenced in two other customer initiated investment related disputes concerning Shen’s conduct while associated with securities broker dealers. On December 23, 2015, a customer initiated investment related complaint involving Shen’s conduct was settled for $15,000.00 in damages based upon allegations that Shen promised a 20 percent return in one year, with principal protection, in connection with the sale of real estate securities when Shen was associated with Cetera Investment Services LLC.
On August 9, 2022, a customer initiated investment related FINRA securities arbitration claim involving Shen’s conduct was settled for $625,000.00 in damages based upon allegations that Shen made unsuitable recommendations in REITs during the time that Shen was associated with Independent Financial Group LLC. FINRA Arbitration No. 21-01963.
Shen has been registered with NI Advisors in Orange, California, since January 2, 2020. Previously, Shen was registered with Independent Financial Group LLC, in Orange, CA from January 22, 2015, to January 2, 2020.
