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Peter Hwang Fined and Suspended by FINRA

Aug 20, 2021 AWC

Peter Hwang (CRD #: 4400271), a broker registered with Snowden Account Services, has been fined and suspended by FINRA, accord to his BrokerCheck record, accessed on August 10, 2021. This is not the only disclosure on his record. 

On June 3, 2021, Peter Hwang entered into an Acceptance, Waiver, and Consent agreement (AWC) in which he consented to the findings that he falsely certified that a customer was a U.S. citizen. Firms are required to maintain accurate information about their investors, in part due to the requirement that firms have policies in place reasonably designed to prevent money laundering. The firm required Hwang to obtain and enter information about the citizenship and address of any investor seeking to open an account. Allegedly, Hwang knew Customer A was not a United States citizen. Customer A also did not satisfy the minimum balance requirement for a foreign account. FINRA alleges that Customer A and Hwang agreed to use the New Jersey address of a mutual friend to open a domestic account.

As part of the terms of the AWC, Hwang consented to a 45-day suspension and a $5,000 fine. He also consented to complete 20 hours of continuing education on anti-money laundering business practices. You can read a copy of the WC here.

On July 11, 2017, Merrill Lynch fired Peter Hwang following allegations that he caused inaccurate information to be recorded.

Settled Investor Disputes 

On June 10, 2011, an investor alleged that Peter Hwang did not advise them that an NJ State Student Loan Bond had a call feature. Called bonds can be redeemed by the issuer before the maturity date, at which point the issuer stops paying interest rates. The dispute settled for $26,812.25.

Another dispute settled for six figures. On December 16, 2007, an investor alleged that Peter Hwang misrepresented an investment and omitted material facts. The dispute settled for $300,000.

Peter Hwang Background Information

Hwang has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination

He is a registered broker in six states and is a registered investment adviser in California, Connecticut, New Jersey, and Texas.

Peter Hwang has worked with the following firms:

Snowden has worked with the following firms:

  • Snowden Account Services (CRD #: 149794)
  • Snowden Capital Advisors (CRD #: 157299)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
  • Samsung Securities America (CRD #: 43432)

Kurta Law Can Help

If you worked with Peter Hwang and you have concerns about your investments, contact Kurta Law today. Call 877-600-0098 or email info@kurtalawfirm.com.