Taek Man Chong of Mercer Island Washington a stockbroker formerly registered with Raymond James Financial Services Inc. is the subject of a customer initiated investment related complaint which was settled for $101,749.44 in damages on February 24, 2021 founded on accusations that the customer had been charged excessive commissions while Chong was associated with Raymond James Financial Services Inc.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Chong has been identified in four additional customer initiated investment related disputes containing allegations of his misconduct when associated with Raymond James Financial Services. Chong is referenced in a customer initiated investment related written complaint which was settled for $1,091,070.30 on August 29, 2018 based on allegations of an overpayment of commissions to the stockbroker during the period that he was associated with Raymond James.
On October 30, 2018, a different customer initiated investment related complaint regarding Chong’s conduct was settled for $927,628.91 in damages based upon accusations that the customer was overcharged by Chong at Raymond James Financial Services.
On February 19, 2020, another customer initiated investment related complaint involving Chong’s conduct was resolved for $100,000.00 in damages founded on accusations that Chong charged the customer inappropriate commissions. The stockbroker is also the subject of a customer initiated investment related written complaint which was settled for $120,982.99 on March 9, 2020 supported by allegations of the customer not being charged the rate that Chong promised to them but instead an excess rate that was imposed through Chong’s use of dummy confirmations.
FINRA Public Disclosure additionally reveals that Chong has been barred from associating with any FINRA member in any capacity based upon findings that Chong failed to give information to FINRA when he was investigated for charging unwarranted commissions to customers. Letter of Acceptance Waiver and Consent No. 2018058621901 (June 28, 2018).
According to the AWC, Chong refused to provide the information to FINRA when it investigated the circumstances of Raymond James’ internal review into Chong’s activities. The securities broker dealer relayed to FINRA that he was internally investigated for the amount of commissions he charged to customers. Chong violated FINRA Rules 2010 and 8210.
Chong was registered with Raymond James Financial Services between August 4, 2000 and May 22, 2018.
