Fei Wang Facing a Dispute Regarding Fiduciary Duty

Fei Wang (CRD #: 5899211), a broker registered with Cetera Investment Services, is the subject of an investor dispute. This is according to their BrokerCheck record, accessed on December 1, 2023. Keep reading for more details. 

On September 26, 2023, an investor alleged that Fei Wang breached their fiduciary duty and engaged in misrepresentation. The statement of claim alleges that Fei Wang solicited these investments. The investor is seeking $75,000. 

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

Background Information 

Fei Wang has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

They are registered brokers in Louisiana, New Mexico, and Texas. They are also a registered investment adviser in Texas. 

During their 11 years of experience, Fei Wang has registered with six firms: 

• Cetera Investment Services (CRD #: 15340) 
• Cetera Investment Advisers (CRD #: 105644) 
• PNC Investments (CRD #: 129052) 
• PNC Managed Account Solutions (CRD #: 110476) 
• BBVA Securities (CRD #: 27060) 
• Wells Fargo Advisors (CRD #: 19616) 

Kurta Law Can Help 

If you have worked with Fei Wang and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.