Broker Fined and Suspended by FINRA Following Appeal

The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.

Jeffrey Ng (CRD #1234807, Registered Principal, Stamford, Connecticut)

was fined $25,000 and suspended from association with any FINRA member in any capacity for two years. The NAC imposed the sanctions following appeal of an OHO decision. The sanctions were based on findings that Ng failed to notify his employer firm in writing that he had undisclosed outside brokerage accounts at two other member firms. He also failed to notify those other firms that he was associated with a FINRA member firm; rather, he made false statements on the executing broker-dealer applications concerning his occupation.

FINRA's findings stated that Ng held one of the undisclosed brokerage accounts at a member firm that was not on the list of his employer’s approved outside brokerage firms, and Ng never sought an exception to this policy. Ng also engaged in securities transactions in a limited partnership in these undisclosed accounts that were on his employer firm’s restricted list. He did not disclose that had engaged in the trading of this restricted stock and moreover the trades violated his employer firm’s buy and hold periods. The findings also included that although Ng apologized for misleading his firm’s vice president about the outside brokerage accounts at the one member firm, he continued to hide the existence of his accounts at the other member firm.

The suspension is in effect from June 17, 2013, through June 17, 2015. (FINRA Case #2009019369302)

According to FINRA's BrokerCheck, Ng was previously registered with FINRA at the following brokerage firms:

ALLIANCEBERNSTEIN INVESTMENTS, INC.
CRD# 14549
NEW YORK, NY
02/2003 - 08/2009

PRUDENTIAL SECURITIES INCORPORATED
CRD# 7471
NEW YORK, NY
11/1992 - 04/2001

This ends the information obtained on FINRA’s website.

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