Xiangyu Yu Zhang of Arcadia, California, a stockbroker formerly registered with Cetera Investment Services LLC, is referenced in a customer initiated investment related complaint on August 6, 2021, where the customer sought compensatory damages founded upon allegations that Zhang provided unsuitable recommendations to the customer regarding real estate security investments while he was employed by Cetera Investment Services.
FINRA Public Disclosure reveals that Zhang has been identified in seven additional customer initiated investment related disputes containing accusations of his sales practice violations while employed by Cetera Investment Services. Zhang is the subject of a customer initiated investment related written complaint on February 5, 2019, in which the customer requested compensatory damages based upon allegations of misrepresentations by Zhang regarding the purchase of investment products at Cetera Investment Services.
On April 29, 2019, another customer initiated investment related complaint regarding Zhang’s activities was resolved for $30,000.00 in damages supported by allegations that the customer’s initials had been forged on documents relating to a real estate investment trust purchase. The complaint alleges that Zhang misrepresented information regarding the REIT.
On December 28, 2020, a different customer initiated investment related FINRA securities arbitration claim involving Zhang’s conduct was settled for $445,000.00 in damages founded upon accusations of the violation of California securities laws and FINRA rules as it related to REITs purchased through Zhang. FINRA Arbitration No. 19-02644 (December 28, 2020). The claim also contains allegations of elder abuse, breach of fiduciary duty, and breach of contract resulting in damages to the Cetera Investment Services customer.
Zhang is also referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought compensatory damages supported by accusations that Zhang provided unsuitable recommendations to the customer resulting in damages on a real estate security purchase. FINRA Arbitration No. 21-01516 (June 15, 2021).
On July 23, 2021, another customer filed an investment related complaint concerning Zhang’s activities in which the customer requested compensatory damages based upon allegations of the customer being misled by Zhang concerning a real estate investment trust. The complaint alleges that the customer asked for a low-risk investment but was placed into a REIT, which filed for bankruptcy.
Zhang is the subject of a different customer initiated investment related FINRA securities arbitration claim where the customer sought compensatory damages founded upon accusations of bad investment advice by Zhang during the time that he was associated with Cetera Investment Services. FINRA Arbitration No. 21-01623 (July 1, 2021).
Zhang has been barred from associating with any FINRA member in any capacity supported by accusations that he failed to comply with FINRA instructions. Case No. 2019061138501 (August 2, 2019). Zhang was asked for information by FINRA, but he failed to respond timely. This initially resulted in his suspension. He was barred after a three-month period in which he continued to be non-compliant.
Zhang was registered with Cetera Investment Services between July 9, 2010, and February 28, 2017. He was also registered with Wells Fargo Clearing Services LLC between June 30, 2017, and January 7, 2019. He was discharged by Wells Fargo Clearing Services based upon accusations of his submission of altered documents to the firm in violation of company policy.
