FINRA Charged David Wong In Complaint About Misuse Of Funds

Financial Industry Regulatory Authority (FINRA) filed a complaint alleging misuse of client funds by securities broker David Wei Wong [CRD: 4689031, Los Angeles, California]. Not only that, but a client complained about him. Evidently, David Wong joined Integrity Brokerage LLC on April 3, 2020, and Integrity Advisers LLC on January 21, 2021. The following information concerns the securities broker’s disclosures.

FINRA Charged Wong With Conversion Of Client Funds

Notably, on May 7, 2024, FINRA initiated Case: 2021069373001 against David Wong. Notably, FINRA alleged that Wong converted and misused $9,430.75 in client funds.

FINRA's complaint alleges that Wong initially converted and misused the funds in a Roth IRA account belonging to a client, when he transferred the client's funds into his firm's bank account. The client was married to a former registered representative at the firm who had passed away.

Furthermore, Wong converted and misused $6,200 from a trust account established for the benefit of two clients when he transferred the account's funds into the firm's bank account. The individuals were the beneficiaries of firm clients who had passed away. Supposedly, Wong directed a clearing firm to take the funds from the trust account without asking permission or obtaining approval from the clients. Neither of the clients authorized the transfer of the funds from the trust account. Supposedly, Wong knew that the funds did not belong to him or to the firm.

David Wong Disclosed Conversion Allegations By Integrity Brokerage Services Inc. Client

Also, a client of Integrity Brokerage Services Inc. contested David Wong’s sales practices by filing FINRA Arbitration No. 21-01782. Allegedly, Wong converted funds relating to investments in real estate securities, direct investments, and viatical settlements. For this reason, Integrity Brokerage Services Inc. opted to settle the matter on March 18, 2022, by compensating the client in the amount of $50,000.

Did You Sustain Losses Because Of Securities Broker Wong?

Have you experienced losses due to financial advisor / securities broker David Wong? If so, contact Soreide Law Group online or at (888) 760-6552 and speak with a securities attorney regarding a potential recovery of your investment losses. Soreide Law Group helps investors throughout the country, works on a contingency fee basis, and advances all costs. Wong and brokerage firms Wong worked for deny accusations of sales practice violations.