November 30, 2023

Investigation Into Cetera Broker Yuting Cheng

Bad Broker Advice?

Soreide Law Group is currently investigating potential claims on behalf of investors who may have sustained losses due to securities broker and financial advisor, Yuting Cheng (Emily Cheng and Yu-Ting Cheng) [CRD#: 5719286, Arcadia, California]. Cheng has maintained registrations with Wells Fargo Clearing Services LLC since December 13, 2022. Other recent associations include BancWest Investment Services Inc. in Irvine, CA from April 28, 2022, to November 10, 2022, Northwestern Mutual Investment Services LLC in Los Angeles, CA from April 2, 2021, to April 12, 2022, and JP Morgan Securities LLC in Diamond Bar, CA from November 30, 2017, to March 17, 2021. Notably, Cetera and JP Morgan Securities investors filed disputes about Cheng. Here's more about those disclosures.

Cetera Investment Services LLC Investor Accused Cheng Of Unsuitable Investment Recommendations

Notably, on April 10, 2023, a Cetera Investment Services LLC client filed FINRA Arbitration: 23-00863 about Yuting Cheng. Namely, the client alleged that Cheng recommended investments that were unsuitable for them. Because of this, the client allegedly sustained damages on direct investments, specifically DPP and LP interests. Therefore, the client requested $75,000 in compensation from Cetera Investment Services LLC or Cheng. Evidently, this arbitration is pending a resolution.

Yuting Cheng Disclosed Misrepresentation Allegations By JP Morgan Securities LLC Client

Additionally, a client of JP Morgan Securities LLC contested Yuting Cheng’s sales practices, according to a complaint. Supposedly, Cheng misrepresented the nature of a managed account investment. It appears that Cheng caused the client to sustain damages. Therefore, JP Morgan Securities LLC opted to settle the matter on October 27, 2020, by compensating the client in the amount of $9,897.04.

Cheng Disclosed Omissions Allegations By Cetera Investment Services Client

Also, a client of Cetera Investment Services contested Yuting Cheng’s sales practices, according to a complaint dated September 28, 2016. Supposedly, Cheng did not adequately disclose that the product was a Business Development Company (BDC), which was illiquid and involved a risk of loss to the principal. It appears that Cheng allegedly caused the client to sustain damages. Therefore, the client sought compensatory relief from Cetera Investment Services or Cheng in the amount of $10,000 in this matter. However, the complaint was denied on October 26, 2016.

Did you experience losses because of Yuting Cheng? If so, reach out to Soreide Law Group online or at (888) 760-6552 and discuss with a securities attorney about possibly recovering your investment losses. Soreide Law Group has successfully recouped funds for investors across the United States, operates on a contingency fee basis, and fronts all costs. Cheng and the brokerage firms previously associated with her refute allegations of sales practice violations.

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