The Soreide Law Group, (888) 760-6552, has obtained he following information on FINRA’s website under “Disciplinary and Other FINRA Actions, September, 2013.”
Peter Shawn Chung (CRD #1700865, Registered Representative, North Miami, Florida)
has been barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Chung consented to the described sanction and to the entry of findings that, while indirectly holding a substantial minority interest in a member firm, he manipulated the trading of two stocks for which his member firm was running private offerings of public equity (PIPE) offerings. Chung bought shares and submitted limit orders that artificially increased the inside bid price and made the competing PIPE offering appear more attractive to potential investors.
FINRA's findings stated that these limit orders sent misleading information to the marketplace and raised the inside bid price at which the shares could be purchased. This made it appear to investors that the market placed a higher value on the shares and that it would be more attractive to purchase the shares via the PIPE offering. Chung and other persons associated with the firm created the misleading appearance of heightened market activity or interest in the stock.
FINRA's findings also stated that during the PIPE offerings, Peter S. Chung personally solicited limit orders and purchased stock when he was prohibited from doing so.
(FINRA Case #2008011675301)
Peter Shawn Chung was previously registered with FINRA at the following brokerage firms:
SIERRA EQUITY GROUP LLC
CRD# 36518
BOCA RATON, FL
02/2009 - 12/2010
BROOKSHIRE SECURITIES CORPORATION
CRD# 44347
FT. LAUDERDALE, FL
08/2002 - 03/2009
BASIS FINANCIAL, LLC
CRD# 43694
N. MIAMI BEACH, FL
07/2008 - 03/2009
This ends the information obtained from FINRA’s website.
Call Soreide Law Group for a free consultation with an attorney on how to potentially recover your investment losses: 888-760-6552.
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