New Jersey Rep Barred by FINRA Over Alleged Insurance Fraud

Soreide Law Group, (888) 760-6552, obtained the following summation of information from FINRA’s website, in “Disciplinary and Other FINRA Actions, May, 2014.”

Wei-Sheng Wang (CRD #2253377, Warren, New Jersey)

was barred by FINRA allegedly because he and his wife, who is non-registered, accepted over $130,000 from clients of Wang's firm’s affiliate insurance company for life insurance product premium payments.

FINRA's findings stated that Wang, along with his wife, deposited cash received from customers through his wife's personal bank accounts. This was done in amounts more than $10,000 to avoid required Federal reporting. The checks that Wang’s wife wrote were then made payable to the affiliate insurance company to pay customer life insurance premiums.

This caused Wang to commingle personal funds with customer funds which is prohibited by his firm. Wang's firm’s policies required accurate reporting of transactions, and accepting customer cash and then writing personal checks in payment of the currency transactions is not allowed.

FINRA found that Wang submitted false information on insurance applications, and he earned commissions. Wang submitted an insurance application containing false information.
(FINRA Case #2013037816101)

Wei-Sheng Wang was previously registered with the following FINRA firm(s):

NYLIFE SECURITIES LLC (CRD# 5167) - WARREN, NJ
01/1998 - 07/2013

NYLIFE SECURITIES INC. (CRD# 5167) - NEW YORK, NY
09/1992 - 12/1997
FINRA's info ends here.

If you or a family member have become alleged victims of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552.
Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).