RBC Capital Markets, LLC Broker Joseph Chu Energy Sector Losses
Posted on Tuesday, October 13th, 2020 at 1:03 am
RBC Capital Markets, LLC broker Joseph Chu (CRD# 4546805) faces customer complaints for energy sector losses. Chu has been registered with RBC Capital Markets, LLC in Stamford, Connecticut since 2018. Previously, Chu was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Greenwich, Connecticut from 2002 to 2018.
Chu has been the subject of three customer complaints between 2008 and 2020, one of which was denied, according to his CRD report:
August 2020. “Claimant contends Respondent recommended unsuitable investments in oil-producing and industrial metals & materials stocks leading to an over concentration in those sectors which was outside of their investment objectives. Claimants allege the accounts declined in value from September 2018 through January 20, 2020.” The customer is seeking $1,600,000 in damages and the case is currently pending. The complaint was regarding oil and gas investments and took place while Chu was registered with RBC Captial Markets, LLC.
July 2020. “Claimaints are alleging that the Financial Advisor misrepresented the risk of allocation in Energy and Material sectors investments and over concentrated the Claimant’s accounts in highly volatile investments.” The customer is seeking $500,001 in damages and the case is currently pending. The complaint was regarding oil and gas investments and common and preferred stocks. The complaint took place while Chu was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, L.L.C.
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, RBC Capital Markets, 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.