Investors complained about securities broker Chad Edward Allen (CRD: 2712784, New York, New York). Notably, the securities broker, who worked for Oppenheimer Co. Inc., disclosed client disputes via Financial Industry Regulatory Authority (FINRA) BrokerCheck. Namely, Oppenheimer Co. Inc. clients allege that Allen made misrepresentations and unsuitable recommendations, among other sales practice violations. For more on these disclosures about Allen, see below.
Specifically, an Oppenheimer Co. Inc. client filed FINRA Arbitration: 19-02385 about Chad Allen. Namely, the client alleged that Allen made misrepresentations, engaged in excessive trading, engaged in unauthorized trading, made unsuitable recommendations, and failed to supervise registered representatives. Because of this, the client allegedly sustained damages on options. Therefore, on February 23, 2022, Oppenheimer Co. Inc. settled this matter by paying the client $50,000 in damages.
Also, a client of Merrill Lynch Pierce Fenner Smith Incorporated contested Chad Allen’s sales practices, according to a complaint dated November 13, 1997. Allegedly, Allen engaged in unauthorized trading. Supposedly, Allen possibly caused the client to sustain damages. Therefore, the client requested compensation from Merrill Lynch Pierce Fenner Smith Incorporated or Allen. However, the securities firm denied the complaint.
Did you suffer damages because of Chad Allen? If so, reach out to Soreide Law Group at (888) 760-6552 and talk with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered losses for investors throughout the United States, represents clients on a contingency fee basis and will advance all costs. Allen and brokerage firms Allen worked for deny all allegations of sales practice violations.
Robert Averwater (CRD 5614514) is a Memphis, Tennessee broker. FINRA fined him $10,000, suspended him from association with any member firm in all capacities for four months, and required him to complete 10 hours of continuing education, according to an AWC issued August 18, 2026.
Qi Yang (CRD 7439718) is a San Francisco, California broker. FINRA suspended him from association with any member firm in all capacities for six months and assessed a deferred fine of $5,000, according to an AWC issued August 10, 2026.
Thomas Jacobs (CRD 4139430) is a Bay City, Michigan broker. FINRA suspended him from association with any member firm in all capacities for two months and assessed a deferred fine of $2,500, according to an AWC issued August 3, 2026.
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