FINRA Suspends Peng Zhang
Peng Zhang (CRD #: 6103092), a broker registered with MM Global Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on December 14, 2022. If you have questions about his alleged conduct as a broker, read on.
FINRA Suspension
On September 13, 2022, Peng Zhang consented to the entry of findings that he allegedly caused his member firm, MM Global Services, to maintain incomplete books and records.
According to a Letter of Acceptance, Waiver & Consent (AWC), Peng Zhang allegedly used WeChat instant messages to communicate about securities-related business with another individual at MM Global Services and with another firm (Firm B) on at least 22 occasions.
He allegedly also used his personal email and another non-firm email account to communicate with Firm B about the referral of potential investors to that firm in order to participate in the initial public offering of an MM Global Services affiliate. Peng Zhang allegedly sent over 100 of these emails and attached potential investors’ applications for Firm B accounts to some of them.
Peng Zhang allegedly did not retain copies of these emails or instant messages for MM Global Services to preserve in their records.
By allegedly causing his firm to maintain incomplete books and records, the AWC concluded that Peng Zhang violated FINRA Rules 4511 and 2010.
FINRA Rule 4511
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Peng Zhang consented to the following sanctions:
- $5,000 fine
- 45-calendar day suspension
His suspension began on October 3, 2022, and will end on November 16, 2022.
You can read a copy of the AWC here.
Background Information
Peng Zhang 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 79 – Investment Banking Registered Representative Examination
- Series 28 – Introducing Broker/Dealer Financial Operations Principal Examination
- Series 24 – General Securities Principal Examination
Peng Zhang is a registered broker in New York and Texas.
He has also worked for the following firms:
- Richfield Orion International (CRD#:24433)
- Traderfield Securities (CRD#:20130)
- Reva Capital Markets (CRD#:105791)
Kurta Law Can Help
If you worked with Peng Zhang 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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