Lei Wang | Lost Money with this OSAIC Wealth Broker?
West Palm Beach, FL – December 11, 2025 – Lei Wang (CRD# 2626500), a financial advisor registered with OSAIC Wealth, Inc., is facing a pending customer complaint alleging misrepresentation of a variable universal life insurance product. According to FINRA records, the complaint was filed in October 2025 and involves allegations of unsuitable recommendations. Investors who have experienced losses with Lei Wang may be entitled to recovery through FINRA arbitration. This article reviews Wang’s regulatory history and explains investor rights under securities law.
BrokerCheck Summary
Name: Lei Wang
CRD #: 2626500
Firm: OSAIC Wealth, Inc.
Location: West Palm Beach, FL
Years in Industry: 30
Number of Disclosures: 2
Customer Complaint Against Lei Wang
According to FINRA BrokerCheck records, Lei Wang has one pending customer complaint and one previously denied complaint:
Complaint #1 (Pending – October 2025)
Date Filed: October 28, 2025
Allegation: The customer alleges that a variable universal life insurance (VUL) product purchased in 2023 was misrepresented.
Product Type: Insurance (VUL)
Alleged Damages: $5,000
Status: Pending
Firm: OSAIC Wealth, Inc.
The complaint is currently under review. The firm determined that damages from the alleged conduct could exceed $5,000. This matter involves allegations of unsuitable investment recommendations and potential misrepresentation regarding the features, costs, or suitability of the variable universal life insurance product.
Complaint #2 (Denied – October 2016)
Date Filed: September 19, 2016
Allegation: The client alleged she was told by her registered representative that a managed asset account opened in December 2013 would only increase in value and would not lose any value.
Product Type: Asset Managed Account
Alleged Damages: Greater than $5,000 (exact amount not specified)
Status: Denied
Status Date: October 17, 2016
Firm: Lincoln Financial Advisors Corporation
This complaint was denied by the firm. While the complaint did not result in a settlement or finding against the broker, it reflects client concerns about alleged misrepresentations regarding investment risk disclosures.
Pattern of Complaints / Risk Factors
While each case is unique, complaints of this type may indicate concerns related to unsuitable investment recommendations, inadequate risk disclosures, or misrepresentation of product features. Investors should carefully review account statements and seek legal guidance if similar issues occurred. Variable universal life insurance products can be complex and may not be suitable for all investors, particularly when the costs, risks, or investment features are not adequately explained.
Can Investors Recover Losses?
Investors who were recommended unsuitable or high-risk investments may be entitled to recover losses through FINRA arbitration or securities litigation. Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. The arbitration process allows investors to present evidence of broker misconduct, unsuitable recommendations, or misrepresentations before a panel of arbitrators who determine whether compensation is warranted.
Related Brokers and Firms
Investors may also want to review complaints and disclosures involving other advisors at OSAIC Wealth advisors and related firms. If you experienced losses involving variable annuity fraud or other insurance-based investment products, you may have grounds for a claim. Additional resources include information on failure to supervise claims and general investment fraud recovery options.
Frequently Asked Questions
What is the complaint against Lei Wang?
The pending complaint against Lei Wang alleges that a variable universal life insurance (VUL) product purchased in 2023 was misrepresented. The customer claims the product was not suitable for their investment objectives or that material information about costs, risks, or features was not adequately disclosed. The complaint was filed in October 2025 and is currently under review.
Can investors recover losses involving OSAIC Wealth, Inc.?
Yes, investors who experienced losses due to unsuitable recommendations, misrepresentations, or other forms of broker misconduct at OSAIC Wealth may be entitled to recovery through FINRA arbitration. Securities laws require brokers to recommend only suitable investments and to fully disclose material risks. If these obligations were violated, investors may file a claim to recover damages.
What is FINRA arbitration?
FINRA arbitration is a binding dispute resolution process used to resolve securities-related claims between investors and brokerage firms or brokers. It provides a faster and more cost-effective alternative to traditional litigation. Most brokerage agreements include mandatory arbitration clauses, requiring disputes to be resolved through FINRA rather than in court. The process typically takes 12-16 months from filing to resolution.
What does “unsuitable investment” mean?
An unsuitable investment is one that does not align with an investor’s financial situation, investment objectives, risk tolerance, or investment experience. FINRA Rule 2111 requires brokers to have a reasonable basis to believe that a recommended investment is suitable for the customer. If a broker recommends a high-risk or complex product to a conservative investor without proper justification, it may constitute an unsuitable recommendation and grounds for a claim.
How can I check a broker’s background on BrokerCheck?
You can check a broker’s background by visiting FINRA’s BrokerCheck website at www.finra.org/brokercheck. Enter the broker’s name or CRD number to view their employment history, qualifications, and any disclosure events such as customer complaints, regulatory actions, or terminations. BrokerCheck provides transparency into a broker’s professional record and helps investors make informed decisions.
What should I do if I suspect broker misconduct?
If you suspect broker misconduct, take the following steps: (1) Gather all documentation, including account statements, trade confirmations, emails, and correspondence with your broker; (2) File a complaint with FINRA and your firm’s compliance department; (3) Consult with a securities attorney who specializes in investor protection and FINRA arbitration. Do not delay, as statutes of limitations may apply. Patil Law, P.C. offers free consultations to evaluate potential claims.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery. The legal team also includes attorney Gabriela Dubrocq, who brings additional expertise in investor protection cases.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money with Lei Wang or another broker at OSAIC Wealth, contact Patil Law, P.C. for a free, no-obligation consultation. Our experienced securities attorneys will review your case and explain your legal options.
Phone: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
Disclaimer
This article is provided for informational purposes only and does not constitute legal advice. The information presented is based on publicly available FINRA BrokerCheck records as of the date of publication. The presence of a customer complaint or disclosure on a broker’s record does not necessarily indicate wrongdoing, and pending matters involve allegations that have not been proven. Each case is unique and results depend on individual facts and circumstances. Patil Law, P.C. does not guarantee any specific outcome. This article does not create an attorney-client relationship.
