Alfred Kai Kwong Chan—Outside Business Activity
Alfred Kai Kong Chan Allegedly Sold 105 Indexed Annuities with an Approximate Value of $2.5 Million through an Outside Business Activity without Properly Disclosing the Sales to Signator Investors
Alfred Kai Kwong Chan allegedly sold 105 indexed annuities with an approximate value of $2.5 million through an outside business activity without properly disclosing the sales to Signator Investors, Inc. (Signator), according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
Chan also allegedly distributed a newspaper advertisement that lacked adequate risk disclosure and was also not approved by Signator, the AWC also reports.
Furthermore, Chan also allegedly sold fixed insurance products through an insurance agency approved by Signator, but with the requirement that all indexed annuity business be submitted through Signator, the AWC notes.
Alfred Kai Kong Chan Suspended and Fined $10,000 for Alleged Outside Business Activities
Alfred Kai Kwong Chan, by allegedly engaging in a business activity outside the scope of his relationship with Signator, and having allegedly not provided prior written notice to said member firm, violated FINRA Rules, according to the aforementioned AWC.
Chan, as a result, has been suspended and fined $10,000 by FINRA, the AWC acknowledges.
One should also note that, according to the AWC, Alfred Kai Kwong Chan neither admitted nor denied the FINRA findings.
The Peiffer Wolf Securities Lawyers Often Assist Investors
The Peiffer Wolf securities lawyers assist investors who lose money as a result of brokers engaging in outside business activities. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of brokers taking part in outside business activities are encouraged to contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.