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”).
Soreide Law Group is investigating potential investor claims involving Blue Owl Capital Corporation (NYSE: OBDC), including whether brokers and financial advisors properly explained the risks surrounding this publicly traded business development company and its related private credit platform. OBDC invests primarily in loans to middle-market companies and is often marketed as an income-generating investment. However, […]
Investors potentially experienced sales practice violations by securities broker Mark Perry Kissinger [CRD: 4546631, Frisco, Texas], given the disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Kissinger worked for NYLIFE Securities LLC since November 27, 2018, and Eagle Strategies LLC since March 15, 2023. Read on for a better understanding about the disclosures involving this […]
Investors have reportedly disputed the sales practices of securities broker Robert Steven Wilkinson [CRD: 1180321, Oakland, California], according to publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Wilkinson worked for Western International Securities Inc. from November 26, 2013, to June 5, 2025, and later registered with LPL Financial LLC beginning June 5, […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com