Leo Chien Named in REIT Dispute

Leo Chien (CRD #: 4169619), a broker formerly registered with Cetera Investment Services, is involved in several pending disputes, according to his BrokerCheck record, accessed on August 10, 2025. Investors may also have worked with him through Cetera Investment Advisors. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Disputes

On June 16, 2025, an investor alleged that Leo Chien claimed that the NorthStar Healthcare Income REIT offered principal protection and a high interest rate. This dispute was denied by the firm.

However, investors can still pursue FINRA arbitration and potentially recover their losses even if a firm denies their dispute.

On April 15, 2025, an investor alleged that Leo Chien made unsuitable investment recommendations. This dispute is currently pending.

On March 12, 2024, an investor named Leo Chien in a dispute alleging that they did not receive the proceeds from an investment in their account. The client seeks $1,054,759.37 in this pending dispute.

In disputes filed from July 2021 to July 2023, investors alleged that Leo Chien recommended unsuitable investments. Investors received settlements totaling $485,000.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. Brokers must take into account the information described in an investor’s profile, including the following characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investment will be held)
• Investing experience
• Tax status

Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

What are REITs?

A real estate investment trust (REIT) allows investors to pool their funds together in a portfolio of real estate and earn returns without the responsibility of managing the properties themselves. 

However, the lack of liquidity associated with REITs may make them unsuitable for some investors.

Background Information

Leo Chien has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

He previously worked for the following firms:

• Cetera Investment Services (CRD#:15340)
• HSBC Securities (USA) (CRD#:19585)
• Citigroup Global Markets (CRD#:7059)
• Citicorp Investment Services (CRD#:23988)
• Western International Securities (CRD#:39262)
• IFMG Securities (CRD#:14416)
• Bancwest Investment Services (CRD#:29357)
• Linsco/Private Ledger Corporation (CRD#:6413)

Kurta Law Can Help

If you worked with Leo Chien and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.