Last Updated: October 2024 (Newport Beach, California)
Lok Kei Kelvin Wong Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker Lok Kei Kelvin Wong (CRD #6100689), who previously worked at TD Ameritrade Investment Management, LLC, Scottrade Investment Management, and Cetera Investment Services LLC. He is facing customer complaints related to unsuitable and illiquid alternative investments.
Lok Kei Kelvin Wong (CRD #6100689) is a former financial advisor with a history of working at firms like TD Ameritrade and Scottrade. Despite his experience, he has faced a significant customer dispute related to unsuitable investment recommendations, resulting in a $55,000 settlement, which raises concerns about his handling of client portfolios. Below, we explore further details about his career, customer disputes, and allegations of misconduct that potential investors should be aware of before engaging his services.
Critical insights about Newport Beach CA stockbroker Lok Kei Kelvin Wong:
- Advisor Name: Lok Kei Kelvin Wong
- CRD: 6100689
- Location: Newport Beach, California
- Current Employer: Not currently registered
- Classification: Stockbroker + Financial Advisor
- Primary Location: Newport Beach, CA
- Can Lok Kei Kelvin Wong be sued in private FINRA arbitration: Yes
- Has Mr. Wong been barred by FINRA: No
- Highest Damages Allegation: $200,000
- Highest Settlement: $55,000
- Pending Customer Dispute: No
If you have suffered investment losses by Lok Kei Kelvin Wong, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker Lok Kei Kelvin Wong?
A customer of Cetera Investment Services LLC alleged that Lok Kei Kelvin Wong over-concentrated their account in unsuitable and illiquid alternative investments, resulting in a loss. The case (FINRA Docket #22-01278) was filed on June 8, 2022, seeking damages of $200,000. The case was settled for $55,000 on January 18, 2023.
If you have suffered losses like this, we can help you investigate and pursue claims.
Allegations of Broker Misconduct Against Lok Kei Kelvin Wong
Customers of Lok Kei Kelvin Wong have alleged the following misconduct in connection with his handling of customer accounts:
- Unsuitable Investment Recommendations: Clients allege that Wong concentrated their accounts in high-risk, illiquid alternative investments, resulting in significant losses.
- Product Type: Real estate securities were involved in the disputes.
Brokers and their firms have a duty to comply with FINRA Rule 2111, which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. Violations of this rule may result in significant customer losses, as was the case in Wong’s situation.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints, disputes, and regulatory sanctions. In addition, brokers are required to disclose financial matters such as personal bankruptcies, judgments, and liens.
Broker Experience Summary
Lok Kei Kelvin Wong (CRD #6100689) has accumulated years of experience working within the financial services industry. He has been registered with several firms throughout his career, including TD Ameritrade Investment Management, LLC (03/12/2018 – 04/20/2021), Scottrade Investment Management (04/25/2016 – 03/12/2018), and Cetera Investment Services LLC (01/08/2014 – 01/21/2014). During his career, he was registered across multiple states and passed the Series 66 – Uniform Combined State Law Examination on January 7, 2014.
Despite his industry experience, Mr. Wong is not currently registered as an Investment Adviser Representative. His registration history and qualifications reflect that he has passed one state securities law exam but no general industry/product or principal/supervisory exams. Over the years, he worked in various capacities across several firms, including TD Ameritrade and Scottrade, focusing on investment consulting and financial advisory services.
Negative Disclosures and Customer Disputes
Lok Kei Kelvin Wong has one reported customer dispute on his record. This dispute is notable for its financial impact and the nature of the allegations against him.
- Customer Dispute: A complaint was filed against Wong on June 8, 2022, alleging that he over-concentrated the claimant’s portfolio in unsuitable and illiquid alternative investments, resulting in losses. The customer initially sought $200,000 in damages. The dispute was resolved in January 2023 with a settlement of $55,000.
There are no regulatory sanctions, criminal charges, tax liens, or significant financial disclosures reported against him. The single dispute reflects his involvement in an unsuitable investment recommendation, which led to customer losses and subsequent arbitration.
Allegations and Accusations
Several allegations have been made against Lok Kei Kelvin Wong during his time as a financial advisor, specifically regarding investment recommendations:
- Unsuitable Investment Recommendations: Wong was accused of concentrating client investments in high-risk, illiquid alternative assets, which were deemed unsuitable for the client’s portfolio, leading to financial losses.
No termination due to regulatory actions or misconduct is recorded, and he has not faced additional regulatory actions beyond the customer dispute noted above.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Lok Kei Kelvin Wong or have a question 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.
