National investment loss lawyers KlaymanToskes is investigating broker Karl Chen a/k/a Feng Kou Chen (CRD# 6424082), formerly of LPL Financial and Waddell & Reed.
According to FINRA BrokerCheck, broker Karl Chen, formerly of LPL Financial and Waddell & Reed, has been suspended by FINRA in connection with allegations of findings that he falsified information on customer account forms by adding his own name as beneficiary to the accounts without the customers’ knowledge or consent or his member firm’s approval.
Investors that suffered losses with broker Karl Chen are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Financial advisor Karl Chen a/k/a Feng Kou Chen, who was previously associated with LPL Financial and Waddell & Reed, has been suspended from acting as a broker by the Financial Industry Regulatory Authority (“FINRA”). FINRA’s investigation found that Chen falsified information on eight customer account forms by adding his own name as beneficiary to the accounts without the customers’ knowledge or consent, in violation ofFINRA Rule 2010. Chen also violated FINRA Rules 3241 and 2010 by listing himself as beneficiary without LPL Financial’s approval. Further, FINRA found that in August 2022, Chen effected unauthorized transactions in approximately 60 customer accounts, in violation of FINRA Rule 2010. Chen consented to sanctions of a 20-month suspension from associating with any FINRA member in all capacities. FINRA also imposed a requirement that, within 60 days of his reassociation with a FINRA member firm, Chen will be required to satisfactorily complete 20 hours of continuing education regarding discretionary trading from a provider that is not unacceptable to FINRA.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Karl Chen, or have concerns regarding your investment portfolio at LPL Financial, Waddell & Reed, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.