National investment fraud lawyers KlaymanToskes is investigating Chuanbing Rong (CRD# 6931802) of TransGlobal Advisory, LLC and GlobaLink Securities, Inc. after the broker and investment adviser was suspended from the securities industry by FINRA for failing to disclose outside business activities. Outside business activity is any paid work performed by a securities professional outside the scope of their relationship with the firm without notice.
If you suffered significant losses with Chuanbing Rong at TransGlobal Advisory’s Canton, MI branch and/or GlobaLink Securities’ Monrovia, CA branch, contact securities attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
Chuanbing Rong entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA’s Department of Enforcement on December 16th, 2022 which states that Rong is required to pay a fine of $5,000 and will remain suspended in all capacities from January 17th, 2023 to March 16th, 2023.
According to the AWC, from March 2020 to March 2022, while registered with GlobaLink Securities, Rong participated in an outside business activity without providing notice or receiving approval from his firm until March 2022 when he received an inquiry from FINRA. In March 2020, Rong and his wife formed a company that sold insurance and fixed annuities. Rong sold financial products and performed bookkeeping for the company while serving as its Vice President and secretary. Although the AWC does not mention the company by name, Rong’s outside business activities listed on FINRA BrokerCheck discloses that he is associated with a fixed insurance provider known as Transpacific Financial, Inc.
The department’s investigation revealed that from March 2020 to March 2022, Rong earned compensation totaling approximately $168,000 from the company including an annual salary and commision payments. By failing to disclose his outside business activity to GlobaLink Securities, Rong violated FINRA Rules 3270 and 2010.
In accordance with FINRA Rule 3270, all financial professionals are required to report and receive approval from their brokerage firm before engaging in any business activity outside of his/her relationship with the firm.
According to Chuanbing Rong’s FINRA Brokercheck Report, the following is a list of his known outside business activities:
(Dearborn, MI)
(Monrovia, CA)
(Monrovia, CA)
(Canton, MI)
(Canton, MI)
(Monrovia, CA)
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
lklayman@klaymantoskes.com
www.klaymantoskes.com