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Investors Allege Leo Chien Gave Unsuitable Investment Recommendations

Leo Chien (CRD #: 4169619), a broker registered with Cetera Investment Services, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on July 22, 2022. Investors may also have worked with Leo Chien through Cetera Investment Advisors. If you want to know more about Leo Chien’s conduct as a broker, keep reading.

Investor Disputes

A pending dispute filed on April 22, 2022, alleges that Leo Chien recommended unsuitable alternative investments, resulting in losses. The client seeks $100,000 in damages.

Leo Chien is also the subject of two other pending disputes, filed on March 25, 2022, and July 1, 2021, that also allege he made unsuitable investment recommendations.

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.

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

Leo Chien is a registered broker in Arizona, California, and Oregon. He is also a registered investment adviser in California.

He has also 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. 

 

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