Broker Chun Zhu Involved In Investor Dispute Alleging Breach Of Fiduciary Duty
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Chun Mei Zhu who also goes by the name Ida Mei Zhu (CRD#: 4863613, Bellevue Washington). Evidently, In May 2020, Zhu became a securities broker and financial advisor for LPL Financial after working for Waddell & Reed from 2004 to 2020. Notably, three of Zhu’s investor clients have come forward to dispute her sales practices. Here’s more on what investors indicate in those disputes and what you could do if you experienced losses.
Chun Zhu Allegedly Advises Problematic Annuity Exchange For Client
Evidently, a client disputed Chun Zhu’s sales practices through a dispute in September 2020. Mainly, the client mentioned that Zhu caused the client to switch from a Nationwide annuity to a Securian annuity. It appears that the Securian annuity did not contain as much growth potential and it also contained a new surrender period. For this reason, the client demanded compensation. However, this complaint was denied.
Client Indicates That Waddell Reed Breached Fiduciary Duty, Violated Washington Securities Act
Notably, Chun Zhu was a focus of a client’s July 2017 FINRA Arbitration Claim against Waddell Reed. It is alleged by the client that Waddell Reed violated NASD and FINRA rules and Washington Securities Act. Also, the firm supposedly breached a fiduciary duty. Moreover, the client alleged negligence by the securities firm. After considering the issues, in May 2018, a FINRA Arbitrator declared Waddell Reed liable and ordered the firm to pay more than $50,0000 to the client.
Chun Zhu Purportedly Misled Client On Investments
Reportedly, a client of Waddell Reed targeted Chun Zhu in a dispute about a managed allocation portfolio and variable annuity. Specifically, the client claimed that the broker misled the client and had poorly handled the client’s investments. Not only that, but the client contended that Zhu misrepresented an account which resulted in IRS taxes and penalties. However, Waddell Reed denied this matter.
Losses From Zhu?
Apparently, Zhu denies accusations of the foregoing allegations of sales practice violations that have been made against her. Have you experienced losses by investing with Zhu? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with knowledgeable counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and it advances all costs. The law firm has recovered millions of dollars for clients who have sustained losses due to improper conduct of brokers and financial advisors.
