Sharon Kwan Faces Investor Disputes, FINRA Sanctions

Client Of Royal Alliance Takes Aim At Broker Sharon Kwan For Purported Misrepresentation

The Financial Industry Regulatory Authority (“FINRA”) reports troubling information on BrokerCheck in regard to broker Sharon Melinda Kwan (CRD#: 2578627, Arcadia, CA). Notably, her BrokerCheck record shows that three investors filed disputes, and that FINRA suspended her for violating FINRA rules. Evidently, Sharon Kwan also goes by the names Sharon Chen, My Mon Quan and Mei Man Quan. She worked for firms including National Planning Corporation (2011 to 2013) and Royal Alliance Associates (2013 to present). Here’s more on the disclosures and what you could do if you lost money because of her.

Royal Alliance Client Indicates Misrepresentation In Dispute About Sharon Kwan

First off, a client of Royal Alliance Associates disputed Sharon Kwan’s actions in a May 2020 complaint. Basically, the client indicated that Kwan misrepresented mutual funds. It seems that the client purchased bad mutual funds in December 2019. However, Royal Alliance Associates denied the misrepresentation allegations, and the investor’s dispute closed without resolution in June 2020.

FINRA Suspends, Fines Kwan For Violating Rules On Outside Business Activities

Evidently, the financial industry watchdog suspended Sharon Kwan from October 16, 2017 to February 15, 2018, and fined her $15,000 to resolve allegations of Kwan violating FINRA rules. FINRA indicated that Kwan involved clients in her outside real estate activities involving residential properties. Supposedly, Kwan did not explain these activities to National Planning Corporation and she concealed them on the firm’s compliance attestations. Also, Kwan purportedly opened accounts against National Planning Corporation policy. In fact, the firm disaffiliated with Kwan because of these allegations. Kwan satisfied the FINRA suspension in 2018.

Past Disputes About Sharon Kwan Involve Allegations Of Omissions, Bad Transactions

In two prior disputes on Sharon Kwan’s BrokerCheck record, customers indicate that Kwan allegedly omitted facts about expenses and surrender charges of variable annuities, and she allegedly sold a life insurance policy primarily to make commissions. However, these disputes were either denied or withdrawn by the clients.

Losses From Kwan?

Sharon Kwan denies all allegations of her sales practice violations from the above mentioned clients. Have you experienced losses by investing with her? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning your situation. 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 incurred losses due to misconduct of securities firms and financial advisors.