Andy Huang Subject of Regulatory Action in Massachusetts
Andy Huang (CRD #: 3268328), a broker registered with Glendale Securities, is the subject of a regulatory action in Massachusetts, according to his BrokerCheck record, accessed on October 13, 2021. It contains allegations that Huang failed to catch red flags of suspicious activity, among other types of misconduct.
State Regulatory Action
On August 26, 2021, the State of Massachusetts alleged that Andy Huang was the subject of a regulatory action.
The regulatory action alleges that Andy Huang exchanged more than 150 securities-related electronic communications with investors using a mobile messaging application, outside his member firm’s system. FINRA Rule 4511 requires that brokers and firms maintain accurate books and records and keep a record of their communications with investors. This action also alleges that certain messages contained red flags of suspicious activity that Andy Huang and his firm should have caught.
The action also alleges that Andy Huang also improperly disclosed confidential, nonpublic investor information. This misconduct resulted in a $5,000 fine and a 10-day suspension.
Massachusetts also sanctioned Andy Huang, stating that Andy Huang must be under heightened supervision for five years, and the supervisor must conduct a quarterly review of the transactions in his investors’ accounts. The supervisor must also review Andy Huang’s communications with investors.
On October 5, 2017, FINRA alleged in a complaint that he failed to report suspicious activity, including anti-money laundering red flags in connection with his member firm’s penny stock business. FINRA Rule 3310 requires firms to have a system designed to detect the signs of money laundering.
FINRA Regulatory Action
On October 5, 2017, Andy Huang allegedly failed to verify the identity of approximately 30 foreign-based investors who opened new accounts. This regulatory action is on appeal and pending review. You can read a copy of the complaint here.
Andy Huang Background Information
Andy Huang has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 55 Limited Representative-Equity Trader Exam
- Series 7 General Securities Representative Examination
- Series 4 Registered Options Principal Examination
- Series 24 General Securities Principal Examination
He is a registered broker in 13 states.
Andy Huang has worked with the following firms:
- Glendale Securities (CRD #: 123649)
- Great Eastern Securities (CRD #: 2061)
- Global Access Financial Services (CRD #: 30998)
- White Pacific Securities (CRD #: 42505)
Kurta Law Can Help
If you lost money after working with Andy Huang, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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