FINRA’s Department of Enforcement initiated an investigation into Chu’s alleged misconduct to ascertain whether he engaged in outside business activities and private securities transactions, as well as solicited investments and/or promissory notes. In connection with this investigation, FINRA sent Chu a request for documents and information pursuant to FINRA Rule 8210. According to FINRA, Chu acknowledged receipt of FINRA’s Rule 8210 requests; yet he failed to cooperate with FINRA’s investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Chu violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Chu failed to provide testimony in response to FINRA’s request, thereby violating FINRA Rule 8210. FINRA has very little tolerance for uncooperative members and promptly barred Chu from the financial industry.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you lost money either investing with Chu while NY Life employed him as a general securities representative, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.