Sean Zhang


August 30, 2023

Type of alert:

Unsuitable Recommendations  

Sean Zhang is barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or “from association with any FINRA member in all capacities.” Zhang was a registered representative with Wells Fargo Clearing Services, LLC until his termination in late 2018. His past employment includes brokerage firms LPL Financial, Cetera Investment Services, and Merrill Lynch, where he “voluntarily resigned” in 2010 following allegations of unauthorized trading and unsuitable investments. Since then, Zhang has been sued no less than ten times by former clients alleging misconduct. Many former customers have settled their cases for large sums.

Claimants allege that Sean Zhang, while registered with Cetera Investment Services, made unsuitable investment recommendations which resulted in large losses. Zhang allegedly misled his customers about the risks associated with the sale of shares in a Real Estate Investment Trust (REIT) he recommended. REITs are risky, illiquid “alternative investments” which are unsuitable for most investors but generate large commissions and fees for the brokers who recommend them.

Brokers and their registered representatives have a duty to only recommend investment strategies that are suitable for their clients. When they fail in that duty, brokers may be liable to individual investors for damages. If you believe you may have been wronged by an investment professional, contact ChapmanAlbin today.

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