Suihock Goy of Milpitas, California, a stockbroker registered with Ni Advisors Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $100,000.00 to $500,000.00 in damages based upon allegations that Goy breached a contract and breached his fiduciary duties in connection with the sale of corporate bonds when Goy was associated with Ni Advisors Inc. FINRA Arbitration No. 23-02123 (August 5, 2023).
FINRA Public Disclosure shows that Goy is referenced in four other customer initiated investment related disputes concerning Goy’s conduct while associated with securities broker dealers, including White Pacific Securities Inc. On December 14, 2004, a customer initiated investment related complaint involving Goy’s conduct was settled for $16,101.22 in damages based upon allegations that Goy made unsuitable recommendations and failed to follow instructions in connection with the sale of stocks during the time that Goy was associated with White Pacific Securities Inc.
On August 2, 2022, a customer filed an investment related FINRA securities arbitration claim involving Goy’s conduct in which the customer requested $100,000.00 in damages based upon allegations that Goy breached a contract and made unsuitable recommendations of GWG L Bonds when Goy was associated with Ni Advisors Inc. FINRA Arbitration No. 22-01677.
Goy is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $500,000.00 in damages based upon allegations that Goy negligently supervised certain representatives, was negligent, and breached a contract in connection with the recommendation and sale of corporate bonds during the time that Goy was associated with Ni Advisors Inc. FINRA Arbitration No. 22-02973 (December 28, 2022).
On January 27, 2023, a customer filed an investment related FINRA securities arbitration claim involving Goy’s conduct in which the customer requested $1,000,000.00 to $5,000,000.00 in damages based upon allegations that Goy breached his fiduciary duties and breached a contract in connection with the sale of corporate bonds. FINRA Arbitration No. 23-00175.
FINRA Public Disclosure shows that Goy has been fined $13,750.00 from associating with any FINRA member in any capacity because Goy failed to supervise certain representatives. Letter of Acceptance, Waiver, and Consent No. 2011025663501 (August 5, 2013).
According to the AWC, Goy and Ni Advisors Inc. failed to adequately supervise or approve the activities of stockbrokers and supervisors. A particular concern to FINRA was that a representative carried out 1,445 securities transactions through an investment advisory that was not connected or affiliated with Ni Advisors.
Goy and the securities broker dealer allowed representatives to remain associated with them despite not undertaking any securities or investment banking activities. Notably, representatives were recorded as stockbrokers when they weren’t involved in the relevant businesses for the firm. Also, one representative, acting under Goy, was listed as an options principal at a time during the time that the firm was neither permitted nor active in options business. FINRA also stated that the firm, through Goy, sold 529 Plans without the necessary registration with the Municipal Securities Rulemaking Board (MSRB).
Consequently, the firm and Goy collectively violated FINRA Rule 2010, NASD Rules 1031, 1032, 3010, 2110, and 3040, and MSRB Rules A-12 and G-3.
Goy has been associated with Ni Advisors Inc. as a stockbroker since August 16, 2005, and as an investment advisor representative since May 24, 2012.
