Felix Chu (CRD#: 2427593), formerly a registered representative with NYLIFE Securities, has been indefinitely suspended from the securities industry, according to his BrokerCheck record accessed on January 21, 2020.
Felix Chu
What happened to lead to Felix Chu’s indefinite suspension from the securities industry?
On August 29, 2019, Felix Chu became involved in a customer dispute. Clients allege that he misled them into purchasing promissory notes. The clients are seeking $836,950 in damages.
On October 29, 2019, a client alleged that Felix Chu misled her and her late husband into purchasing $305,000 worth of promissory notes. The client alleges that his happened between March 2016 until September 2018. The client also alleges that Felix Chu misled them into giving him a check for $75,000 to purchase what they thought was additional insurance. The client is seeking $380,000 in damages.
Following these allegations, Felix Chu refused to provide requested information to FINRA, the Financial Industry Regulatory Authority. On December 4, 2019, he received a Notice of Suspension letter from FINRA. On December 30, 2019, FINRA suspended him from the securities industry. FINRA has informed him that he must request termination of his suspension or he will automatically be permanently barred from the securities industry on March 9, 2020 in accordance with FINRA Rule 9552(h).
This is not the only disclosure on Felix Chu’s BrokerCheck record. Felix Chu is also involved in two customer disputes, both over promissory notes.
These promissory notes are often for companies that sound exciting but may ultimately end up collapsing. The Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) warn investors that sophisticated investors—who can afford to take large risks—are generally the only investors who should invest in promissory notes.
Felix Chu has spent his entire 24-year career in the securities industry with NYLIFE Securities LLC (CRD#: 5167) in Pleasant Hill, California. If Felix Chu was your broker and you have concerns about your investments, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with the securities attorneys of Fitapelli Kurta.