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Frank Wu Allegedly Overconcentrated Client in High-Risk Investments

Frank Wu (CRD #: 1613789), a broker registered with Wells Fargo Clearing Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on February 15, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On January 25, 2023, an investor alleged that Frank Wu overconcentrated her account(s) in high-risk equity funds that were unsuitable given her age. The client seeks $625,592.85 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the information in the investor’s profile, such as their tax status, age, and risk tolerance when recommending investments.

Brokers must also consider whether an investment strategy is suitable for their client. Overconcentration, for example, can be unsuitable for an investor with a low risk tolerance.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

Background Information

Frank Wu has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 65 – Uniform Investment Adviser Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 – Futures Managed Funds Examination
  • Series 7 – General Securities Representative Examination

Frank Wu is a registered broker in 24 states and the District of Columbia. He is also a registered investment adviser in California and Texas.

He has also worked for the following firms:

  • Morgan Stanley Smith Barney (CRD#:149777)
  • Citigroup Global Markets (CRD#:7059)
  • Lehman Brothers (CRD#:7506)
  • Baraban Securities (CRD#:7659)

Kurta Law Can Help

If you worked with Frank Wu and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.