Last Updated: November 2024 (Brooklyn, New York)
National securities fraud lawyers at Patil Law P.C. are investigating broker Huanwei Huang (CRD #3268328), a current financial advisor at Glendale Securities, Inc., who faces multiple regulatory sanctions and a pending customer complaint alleging serious misconduct including fraud and misrepresentation with alleged damages of $580,000.
Huanwei Huang (CRD #3268328) is currently registered with Glendale Securities in Brooklyn, New York, where recent regulatory actions have highlighted concerning violations regarding unauthorized customer communications and improper disclosure of confidential information. Below, we provide further details about his professional history, regulatory sanctions, and customer complaints that investors should carefully consider.
Critical Insights About Brooklyn, NY Stockbroker Huanwei Huang
- Advisor Name: Huanwei (Andy) Huang
- CRD: 3268328
- Location: Brooklyn, NY
- Current Employer: Glendale Securities, Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: Brooklyn, NY
- Can Huanwei Huang be sued in private FINRA arbitration: Yes
- Recent Regulatory Actions: Multiple FINRA sanctions, including heightened supervision requirements
- Customer Dispute: Pending civil litigation alleging damages of $580,000
If you have suffered investment losses in an account handled by Mr. Huang or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Recent Actions Against Huanwei Huang
Regulatory Sanctions
1. FINRA Action (October 2021):
- Violations of communication and recordkeeping requirements
- Improper disclosure of confidential customer information
- Imposed fine of $5,000
- 10-business day suspension
- Additional $2,000 in costs
2. Massachusetts Securities Division Action (August 2021):
- Five-year heightened supervision requirement
- Restricted ability to service Massachusetts customers
- Mandatory supervisory reviews and reporting requirements
Current Civil Litigation (September 2024)
A pending customer complaint alleges:
- Breach of fiduciary duty
- Conversion of funds
- Fraud and misrepresentation
- Negligence
- Unjust enrichment
- Emotional distress
- Seeking damages of $580,000
Detailed Analysis of Regulatory Violations
Communication and Recordkeeping Violations
Huang’s actions violated several critical FINRA rules designed to protect investors and maintain market integrity:
FINRA Rule 4511 (Books and Records): This rule requires firms and associated persons to maintain accurate books and records. Huang’s use of unauthorized messaging platforms violated these requirements by:
- Conducting over 150 securities-related communications outside firm systems
- Failing to preserve required records
- Preventing proper supervision of customer communications
FINRA Rule 3110 (Supervision): The violations undermined the firm’s supervisory obligations by:
- Circumventing established communication channels
- Preventing review of customer interactions
- Compromising the firm’s ability to monitor for suspicious activity
Customer Privacy Violations
Huang’s improper disclosure of confidential customer information violated SEC Regulation S-P, which requires:
- Protection of customer nonpublic personal information
- Implementation of written policies to safeguard customer data
- Proper authorization before sharing customer information
- Clear disclosure of information-sharing practices
Regulatory Framework and Investor Protection
Understanding the regulatory framework helps illustrate why these violations are significant for investors:
SEC Regulation S-P (Privacy of Consumer Financial Information)
This regulation, enacted under the Gramm-Leach-Bliley Act, establishes crucial privacy protections for investment customers. It requires financial institutions to:
- Provide privacy notices to customers
- Implement comprehensive security measures
- Obtain consent before sharing nonpublic information
- Maintain policies to protect customer data integrity
FINRA Communication Rules
FINRA Rules 2210 and 3110 create a comprehensive framework for broker communications that:
- Requires all communications to be monitored and archived
- Mandates review of communications for potential misconduct
- Establishes standards for accurate and compliant communications
- Protects investors through systematic oversight
Broker Experience and Background
Huang’s career in financial services spans over two decades:
- Glendale Securities, Inc. (2005-Present)
- Great Eastern Securities, Inc. (2002-2005)
- Global Access Financial Services (2001-2002)
- White Pacific Securities, Inc. (2000-2001)
Professional Qualifications:
- Series 4 (Registered Options Principal)
- Series 24 (General Securities Principal)
- Series 57 (Securities Trader)
- Series 63 (Uniform Securities Agent)
Implications for Investors
The combination of regulatory sanctions and pending customer disputes raises several red flags:
- The use of unauthorized communication channels suggests potential attempts to evade oversight and supervision.
- Privacy violations indicate disregard for fundamental customer protections.
- The significant size of the pending customer complaint ($580,000) points to potentially serious misconduct.
- Multiple regulatory actions demonstrate a pattern of compliance failures.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Huanwei Huang or have questions about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
