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Did You Lose Money Investing with Former Raymond James Financial Services, Inc. Financial Advisor Taek Chong?

Posted on Tuesday, October 9th, 2018 at 4:10 pm    

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Former Raymond James Financial Services, Inc. financial advisor Taek Chong (CRD# 1551473) has more than $2 million in customer complaints regarding overpayment of commissions. It is alleged that Chong engaged in defalcation, which is misappropriation of funds by a person trusted with its charge (also known as the act of misappropriation). Chong was registered with Raymond James Financial Services, Inc. in Mercer Island, Washington from 2000 to May 2018.

In June 2018, Chong was barred from FINRA regarding, “Without admitting or denying the findings, Chong consented to the sanction and to the entry of findings that he failed to provide information requested by FINRA in connection with its investigation of Chong’s voluntary termination from his member firm while he was under internal review for commission amounts associated with large institutional trades.”

Chong has been the subject of two customer complaints in 2018, according to his CRD report:

May 2018. “Overpayment of Commissions.” The customer is seeking $1,091,070.30 in damages and the case is currently pending.

May 2018. “Overpayment of Commissions.” The customer is seeking
$919,868.71 in damages and the case is currently pending.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James may be liable for investment or other losses suffered by Chong’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.