Former California-based NI Advisors broker/adviser Alfred Chan has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Chan (CRD# 4473594).
Alfred Chan has spent thirteen years in the securities industry and was most recently registered with NI Advisors in Oakland, California (2013-2016); Signator Investors in Walnut Creek, California (2010-2013); LPL Financial in Boston, Massachusetts (2009-2010); Associated Securities in Boston, Massachusetts (2008-2009); Financial Network Investment Corporation in San Jose, California (2008-2009); Pension Planners Securities in San Jose, California (2003-2008); MetLife Securities in New York, New York (2002-2003); Metropolitan Life Insurance in New York, New York (2002-2003); and WMA Securities in Duluth, Georgia (2002). He is currently not registered with any state or firm.
According to his BrokerCheck report, Alfred Chan is the subject of one regulatory sanction, one FINRA investigation, and one regulatory sanction. He was additionally discharged from his position at Signator Investors.
In March 2016 FINRA sanctioned Alfred Chan following allegations he sold index annuities valued at approximately $2.5 million through an outside business activity, but did not properly disclose the sales or his compensation to his member firm, Signator Investors. He was issued a 6-month suspension and a $10,000 fine.
In May 2015 Alfred Chan was named in a FINRA investigation into allegations he sold a client more insurance than they needed, with a surrender charge on policy termination. The investigation remains pending.
In 2013 a customer alleged Alfred Chan, while employed at Signator Investors, “sold them $17M of new insurance and annuity coverage which… well exceeded their insurance needs.” The customer is seeking unspecified damages in the pending complaint.
In 2013 Alfred Chan was discharged from Signator Investors following allegations he failed to follow firm policy regarding unapproved advertising materials, unapproved seminar activity, and the sale of unapproved indexed annuities.
If you have lost money investing with Alfred Chan, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.
This information based on publicly available documents provided by FINRA on March 23, 2016.