National investment loss lawyers KlaymanToskes is investigating broker/investment advisor Clayton Shum (CRD# 4412927) following his termination from Grove Point Investments for violating several firm policies including related to arranging personal financing for securities clients, requirements to obtain variable annuity and seminar pre-approval, and proper reporting of customer complaints.
According to FINRA BrokerCheck, Clayton Kwok Shum was previously registered as a broker with Grove Point Investments, LLC and as an investment advisor with Grove Point Advisors, LLC in Burlingame, CA. Shum is currently registered as a broker/investment advisor with Aegis Capital Corp. in New York, NY.
Investors that suffered losses with Clayton Shum may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Clayton Kwok Shum was terminated from Grove Point Investments on January 12, 2023 due to allegations that he violated multiple of the firm’s policies and procedures.
Shum reportedly engaged in violations related to the improper reporting of customer complaints. In addition, Shum allegedly violated the firm’s policy related to a prohibition on arranging personal financing for securities clients and for requirements to obtain appropriate variable annuity and seminar pre-approval.
Further, Clayton Shum was previously hit with a customer complaint alleging that Shum had a conflict of interest and may have misappropriated certain assets of the customer’s trust. The complaint was settled in favor of the investor for $560,000.
According to FINRA, brokerage firms such as Grove Point are responsible for the supervision of all of the activities of their registered brokers/financial advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Brokers and financial advisors must consider an investment’s risk, ensure that they do not misrepresent material facts, and/or overconcentrate the customer’s portfolio in unsuitable investments. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
Investors that suffered losses with Clayton Shum are encouraged to contact attorney Lawrence L. Klayman, Esq., to discuss legal options at 888-997-9956 or by email at lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com