David Wei Wong (CRD #4689031) Has FINRA and State Regulatory Disclosures

David Wei Wong (CRD #4689031) has regulatory disclosures reported on FINRA’s BrokerCheck. These disclosures include two regulatory events and one customer dispute. If you have worked with David Wong and you have questions about these disclosures, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory action (FINRA and State)

David Wong FINRA BrokerCheck: FINRA initiated a complaint (Case No. 2021069373001) alleging that David Wong converted and improperly used $9,430.75 in customer funds, including funds from a Roth IRA and a trust account, by transferring money into the firm’s bank account without customer authorization. The matter is listed as on appeal.

Disciplinary document link: FINRA disciplinary action

David Wong FINRA BrokerCheck: The report also reflects a pending Washington state regulatory matter (Docket Nos. S-24-3831-25-FO01 and S-24-3831-25-FO02) that includes an allegation that the respondent initiated unauthorized deductions; the report notes the matter is pending.

Rule summary #1: FINRA Rule 2150(a)

FINRA Rule 2150(a) – prohibits FINRA members and associated persons from making improper use of a customer’s securities or funds. It is commonly cited by FINRA in cases involving alleged misappropriation or conversion of customer assets.

Rule summary #2: FINRA Rule 2010

FINRA Rule 2010 – requires members to observe high standards of commercial honor and just and equitable principles of trade. FINRA frequently pairs Rule 2010 with more specific rules when it alleges unethical or improper conduct.

Investor disputes / customer complaints

David Wong’s FINRA BrokerCheck report reflects 1 customer dispute disclosure. The dispute was reported as settled and includes alleged damages of $489,862.

David Wong FINRA BrokerCheck: The dispute (FINRA Docket No. 21-01782, San Diego, CA) involved products described as Direct Investments (DPP & LP Interests), Real Estate Security, and a Viatical Settlement. The matter was reported as settled on March 18, 2022, with $50,000 in monetary compensation and an individual contribution amount of $50,000.

Award link: FINRA arbitration award

Why this matters to investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background information (from BrokerCheck)

Based on his BrokerCheck Report, David Wong reportedly:

• Is currently employed by and registered with Integrity Advisers LLC and Integrity Brokerage, LLC.
• Is currently registered with 1 SRO and licensed in 2 U.S. states (California and Washington) through his employer.
• Has passed 1 principal/supervisory exam, 2 general industry/product exams, and 2 state securities law exams.
• Was previously registered with firms that include Integrity Brokerage Services, Inc., Rance King Securities Corp., and Crewe Capital, LLC.

Kurta Law Can Help

If you have worked with David Wong and you have concerns about your investments, Kurta Law can help. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

Helpful resources: Stockbroker theft (conversion) | FINRA arbitration rules

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