Former Raymond James financial advisor, Taek Man Chong (Chong), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. The underlying basis of the investigation involved allegations Chong charged excessive commissions on large institutional trades. As a consequence of Chong’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Chong (FINRA CRD No. 1551473) entered the financial industry in 1986. From 2000 to 2018, Chong worked for Raymond James & Associates, Inc. (“Raymond James”). Chong apparently voluntarily resigned from Raymond James in 2018 while an internal investigation was ongoing. Chong’s FINRA BrokerCheck report discloses three negative disclosures, including two customer disputes. Following his disciplinary action, Chong no longer woks in the financial industry.
FINRA’s Department of Enforcement initiated an investigation into Chong’s alleged misconduct. FINRA specifically investigated Chong's voluntary termination from Raymond James while he was under internal review for commission amounts associated with large institutional trades. FINRA sent Chong a request to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Chong failed to cooperate with the investigation.
Based upon the foregoing alleged misconduct, FINRA asserted Chong 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, Chong failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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