Investors Allege Shirley Wong Made Unsuitable Investment Recommendations

Shirley Wong (CRD #: 4869184), a broker registered with Emerson Equity, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on February 12, 2025. If you want to learn more about her conduct as a broker, keep reading.

Investor Disputes

On January 29, 2025, multiple investors alleged that Shirley Wong breached her contract, violated Regulation Best Interest, and engaged in negligent conduct with regard to the purchase of GWG Holdings corporate bonds in 2020. This dispute is currently pending.

In a pending dispute filed on July 5, 2024, an investor alleged that Shirley Wong gave unsuitable and misleading investment recommendations, omitted material facts, and failed to conduct reasonable due diligence. The client seeks $210,000 in damages.

Three disputes filed on April 21, 2023, named Shirley Wong in allegations of the following misconduct, in connection with GWG Holdings’ L Bonds:

• Violations of federal securities laws
• Violations of California securities laws and unfair, unlawful, and fraudulent business practice
• Breach of contract
• Common law fraud
• Negligence and gross negligence

One of these disputes also named The Parking REIT, a real estate investment trust, in association with these allegations. These disputes were settled for a total of $210,000.

On August 2, 2022, an investor alleged that, among other violations, Shirley Wong breached her contract and made an unsuitable recommendation with regard to the concentration of the client in $200,000 of GWG L Bonds and a $50,000 withdrawal of funds. This dispute was settled for $55,000.

In another dispute, filed on June 3, 2022, an investor alleged that Shirley Wong’s recommendation of a GWG bond was unsuitable. The client received a settlement of $50,000.

FINRA Rule 2010

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

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether securities fit their investor’s financial goals before recommending them. Brokers must take into account the information in an investor’s profile, such as their tax status, other investments, and age.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. The misrepresentation or omission of material facts violates this rule.

What is broker negligence?

Many types of broker misconduct may qualify as negligence, including excessive trading, unsuitable investment recommendations, and misrepresentations or omissions of material fact.

Investors who believe their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information

Shirley Wong has passed the following exams:

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

Shirley Wong is a registered broker and registered investment adviser in California.

She has also worked for the following firms:

• Ni Advisors (CRD#:134502)
• World Group Securities (CRD#:114473)
• Citicorp Investment Services (CRD#:23988)
• AXA Advisors (CRD#:6627)

Kurta Law Can Help

If you worked with Shirley Wong 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.