Investor Alert: Former Nylife Securities LLC Broker Felix Chu Losses

Posted on Tuesday, April 14th, 2020 at 1:57 pm    

Nylife Securities LLC

Were you the victim of former Nylife Securities LLC broker Felix Chu (CRD# 2427593)? Chu was registered with Nylife Securities LLC in Pleasant Hill, California from 1994 to 2019.

In December 2019, FINRA suspended Chu indefinitely after he failed to respond to FINRA request for information, which will continue until the required information is provided to FINRA or the suspension converts to a bar.

Chu has been the subject of two customer complaints in 2019, according to his CRD report:

October 2019. “Plaintiff alleges that beginning in March 2016 until September 2018, she and her late husband were misled into purchasing promissory notes for a total of $305,000.00. Plaintiff further alleges that they were misled into remitting a check for $75,000 to purchase what they believed to be additional insurance. Plaintiffs are seeking compensatory damages in excess of $380,000, lost income, interest, punitive damages and attorneys’ fees.” The customer is seeking $380,000 in damages and the case is currently pending. The complaint is regarding promissory notes and took place while Chu was registered with Nylife Securities LLC.

August 2019. “Plaintiffs allege that beginning in 2015, they were misled into purchasing promissory notes. Plaintiffs are seeking the return of principal, interest, punitive damages and attorneys’ fees.” The customer is seeking $836,950 in damages and the case is currently pending. The complaint is regarding promissory notes and took place while Chu was registered with Nylife Securities LLC.

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, Nylife Securities LLC may be liable for investment or other losses suffered by Chu’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.

Disclaimer: Clients are responsible for costs. Contingency fee is calculated before deducting costs incurred in the case.