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Haiguang Yin Allegedly Recommended Unsuitable Investments

Haiguang Yin (John Yin) (CRD #: 3249933), a broker registered with Packerland Brokerage Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on June 21, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On April 16, 2024, investors alleged that Haiguang Yin recommended an unsuitable investment which resulted in losses. The investor further alleged he misrepresented the risks and breached his fiduciary duty. The investor is seeking $500,000. 

Fiduciary Duties

A fiduciary duty is a duty to work in a client’s best interest. Brokers are not fiduciaries, but they must follow the rules set forth by FINRA Rule 2111 and Regulation Best Interest. Registered Investment Advisers (RIAs) are fiduciaries, and brokers are often dually registered as RIAs.  (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Haiguang Yin 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 

During his 23 years of experience, Haiguang Yin has registered with ten firms. These are the five most recent: 

  • Packerland Brokerage Services (CRD #: 37031) 
  • Cetera Investment Advisers (CRD #: 105644) 
  • Cetera Investment Services (CRD #: 15340) 
  • LPL Financial (CRD #: 6413) 
  • UVest Financial Services (CRD #: 13787) 

Kurta Law Can Help 

If you have worked with Haiguang Yin and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.