Patrick Wang Lam (CRD #4723020) Has Customer Dispute Disclosures on FINRA BrokerCheck

Patrick Wang Lam (CRD #4723020) is a broker with customer dispute disclosureson FINRA BrokerCheck. We reviewed his BrokerCheck report on February 8, 2026. It reflects five customer disputes and one employment separation disclosure. If you invested with Patrick Wang Lam and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation

Patrick Wang Lam’s FINRA BrokerCheck report reflects one employment separation after allegations disclosure. A summary is below:

On December 8, 2011, Lincoln Financial Distributors, Inc. discharged Patrick Lam. The disclosure states that he altered owner information and signed a company officer’s signature without authorization on a letter of acceptance for a variable annuity exchange. It also states that he faxed the altered document to the originating insurance company. Lam’s statement says he used white out to change the owner name during a 1035 exchange and then initialed and signed the document as a Lincoln employee.

Investor Disputes / Customer Complaints

Patrick Wang Lam’s FINRA BrokerCheck report lists five customer dispute disclosures. Four are pending. One is closed. The summaries below describe two pending disputes. BrokerCheck lists three additional customer disputes in this category.

On December 19, 2025, a customer alleged suitability issues related to a trade that occurred sometime around 2022. The product type is listed as a real estate security. The dispute is pending under FINRA arbitration case number 25-01880.

On October 2, 2025, a customer alleged violations of federal securities laws and the California Securities Act. The customer also alleged breach of contract, common law fraud, breach of fiduciary duty, and negligence. The dispute is pending under FINRA arbitration case number 25-02052.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis to believe a recommendation is suitable. Suitability depends on the customer’s investment profile and the facts of the recommendation.

Rule Summary #2: FINRA Rule 2010 (Commercial Honor)

FINRA Rule 2010 requires firms and brokers to observe high standards of commercial honor. It also requires just and equitable principles of trade in their business conduct.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.
2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.
3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.
4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Patrick Wang Lam:

Is currently registered with Emerson Equity LLC.

Has passed the Securities Industry Essentials (SIE) exam. Patrick Lam has also passed Series 7 and Series 63.

Was previously registered with firms that include Sandlapper Securities, LLC and J.P. Morgan Institutional Investments Inc.

Kurta Law Can Help

If you have worked with Patrick Wang Lam and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.