Tommy Huy Mai, of Westminster, California, a stockbroker formerly registered with Questar Capital Corporation, has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he forged customer signatures on account documentation and communicated misleading information about securities to investors. Letter of Acceptance, Waiver and Consent, No. 2015046624301 (Jan. 17, 2017).
According to the AWC, from April of 2015 to July of 2015, nineteen customer signatures had been forged by Mai on account documentation and insurance applications. Evidently, Mai also instructed customers to provide him with signed, yet incomplete account documents to effect transactions. Additionally, customer account forms had been altered by him after customers had already signed account documents. FINRA found that Mai’s conduct in that regard was violative of FINRA Rule 2010.
The AWC additionally stated that Mai made appearances on a television program, discussing investment and insurance topics on a weekly basis even though he never retrieved Questar Capital Corporation’s approval beforehand. Apparently, Mai’s communications were unbalanced, promissory and misleading. In one of the episodes, Mai reportedly informed investors about being able to double their money without any risk to principal through conservative investment programs. Mai evidently identified mutual funds as one conservative approach; however, he neglected to discuss risks to customers’ principal and failed to disclose that mutual fund returns were not guaranteed. FINRA concluded that Mai’s conduct in that regard was violative of FINRA Rules 2010 and 2210.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
