FINRA Issues Sanctions To Financial West Group’s Sara Ng

The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by Financial West Group securities broker Sara Ng (CRD#: 2701165, New York, New York). Not only has FINRA issued Ng a $5,000 fine and a suspension in December 2018 for making misleading and promissory statements about investments, but four clients brought disputes since 2017 in regard to her allegedly bad sales practices. Here’s a closer look at the allegations against Ng:

FINRA Sanctions Sara Ng For Misleading Statements About Direct Investments

Apparently, Sara Ng consented to findings that she violated FINRA Rules by sending Financial West Group clients a fund manager’s letter which contained misrepresentations about the fund. The AWC says that the letter Ng forwarded to nearly three dozen investors referred to 5% distributions, 8% preferred rates, and 20% returns to investors via the fund’s “offer[s] of liquidation.” Apparently, Ng lacked permission from Financial West Group principals to distribute this letter.

FINRA says that there were no guarantees relating to the fund’s distributions or the offers of liquidations. Supposedly, Ng’s misleading communications prevented clients from having a “sound basis” to evaluate whether to invest. FINRA shows that Financial West Group disaffiliated with Ng because she violated its policies on marketing investments to clients.

Financial West Group Clients File Disputes About Ng

Apparently, a client of Berthel Fisher and Financial West Group filed FINRA Arbitration #: 18-02811 on September 7, 2018. Allegedly, Sara Ng misrepresented direct investments (DPP or LP interests), oil and gas products, and real estate securities. The client contended that those investments were not suitable and that Ng’s trading was unsupervised. Because of this, the client demanded $300,000 in compensation in this ongoing matter.

Evidently, Berthel Fisher or Financial West Group investors brought four additional disputes about Sara Ng between 2017 and 2018. Clients claimed unsuitability, omissions, misrepresentation, and failure to conduct adequate due diligence. Two of those disputes settled through nearly $250,000 in payments to clients, while two others closed without resolution.

Did Sara Ng Sell You Unsuitable Or Misrepresented Investments?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Experienced losses through investing with broker Sara Ng, who also worked for Moloney Securities, Westpark Capital and now Primex? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.