Sharon Melinda Kwan (also known as Sharon Chen, Sharon Quan, My Mon Quan and as Mei Man Quan) of Arcadia California a stockbroker currently registered with Royal Alliance Associates is the subject of a customer initiated investment related written complaint on May 5, 2020 where the customer sought compensatory damages based upon accusations of misrepresentation by Kwan as it pertained to the customer’s investments in mutual funds through Royal Alliance Associates.
Kwan has been identified in two more customer initiated investment related disputes concerning allegations of her misconduct. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that a customer filed an investment related complaint concerning Kwan’s activities in which the customer requested compensatory damages supported by accusations of omissions by Kwan regarding the surrender charges and expenses of a variable annuity held by the customer while Kwan was registered with Royal Alliance Associates.
Kwan is also referenced in a customer initiated investment related written complaint where the customer sought compensatory damages founded on allegations of an inappropriate variable universal life insurance policy that was sold to the customer. The complaint alleges that Kwan sold the policy to make commissions rather than to benefit the Royal Alliance Associates customer.
Kwan has been fined $15,000.00 and suspended for four months from associating with any FINRA member in any capacity based in part on findings that Kwan engaged in unapproved outside business activities during the period that she was associated with National Planning Corporation. Letter of Acceptance Waiver and Consent No. 2013038528501 (Sept. 19, 2017). According to the AWC, Kwan took part in two customers’ real estate activities without informing National Planning Corporation. The stockbroker provided false information on a compliance questionnaire concerning her activities. She violated FINRA Rules 2010 and 3270.