Did Hay Wong Misrepresent a Variable Life Policy?
Hay Wong (CRD #:2021269), a broker and investment advisor registered with Equitable Advisors, is involved in an investor dispute, according to his BrokerCheck record accessed on February 20, 2022.
According to the allegations filed on December 2, 2021, Hay Wong misrepresented a variable life insurance policy purchased. The case is still pending.
Misrepresentation Violates FINRA Rule 2010
Misrepresentation is a common problem in the securities industry. It usually occurs when an investment broker makes false or misleading statements about a financial product in an effort to persuade their customer to invest.
The following can be considered as misrepresentation or omission:
- Inadequate due diligence concerning security offerings
- Failure to disclose all material risks
- Failure to disclose all transaction costs
- Unrealistic presumptions for investment projections
- Inaccurate investment performance calculation
Misrepresentations and omissions concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits.
Losses that can be attributed to a stockbroker’s material misrepresentations of facts may result in a viable securities arbitration claim for damages.
Hay Wong 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
Hay Wong is a registered broker in five states. He is also a registered investment advisor in Virginia and Florida.
Besides Equitable Advisors, Hay Wong has also worked with The Equitable Life Assurance Society Of The United States (CRD#:4039) and AXA Advisors (CRD#:6627).
Kurta Law Can Help
If you have worked with Hay Wong and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or email@example.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 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. Please reach out if you have any questions about what steps to take next to recover your investment losses.