Erez Law is currently investigating former Cetera Investment Services LLC broker Xiangyu Zhang (CRD# 5050282) regarding real estate investment losses due to investment fraud. He was registered with Wells Fargo Clearing Services, LLC in Alhambra, California from 2017 to 2019, when he was terminated regarding, “Wells Fargo Clearing Services, LLC (“WFCS”) registered person was terminated for violating company policy requiring that he maintain accurate books and records where he submitted altered documents for processing.” Previously, he was registered with LPL Financial LLC in Arcadia, California from March to July 2017, with Cetera Investment Services LLC in Arcadia, California from 2010 to 2017, and with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Pasadena, California from 2009 to 2010, when he was terminated for “allegations regarding unsuitable recommendation of IPO of a closed-end muni-bond fund and placement by RR of unauthorized limit orders with respect to the same investment.”
In April 2019, FINRA barred him after he failed to respond to FINRA request for information.
In May 2020, FUBRA indefinitely suspended him after he “failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”
Xiangyu Zhang Customer Complaints
He has been the subject of 10 customer complaints between 2018 and 2022, one of which was closed without action and one was denied, according to his CRD report:
April 2022. “Claimant alleges unsuitable investment recommendations which resulted in losses.” The case is currently pending. The complaint was regarding mutual fund and real estate investment trust (REIT) losses and took place while he was registered with Cetera Investment Services LLC.
November 2021. “Claimants allege that their registered representative made unsuitable investment recommendations that resulted in losses.” The case is currently pending. The complaint was regarding real estate losses and took place while he was registered with Cetera Investment Services LLC.
August 2021. “Claimants allege that registered representative recommended unsuitable investments.” The case is currently pending. The complaint was regarding real estate losses and took place while he was registered with Cetera Investment Services LLC.
July 2021. “Claimants allege that the registered representative recommended unsuitable investments.” The case is currently pending. The complaint was regarding real estate losses and took place while he was registered with Cetera Investment Services LLC.
June 2021. “Claimant alleges that registered representative recommended unsuitable investments.” The case is currently pending. The complaint was regarding real estate losses and took place while he was registered with Cetera Investment Services LLC.
September 2019. “Clients allege violation of FINRA Rule 2111, Breach of Fiduciary Duty, Breach of Contract, Agency Liability, Elder Financial Abuse, and California Securities Law.” The customer sought $5,000 in damages and the case was settled for $445,000. The complaint was regarding real estate securities losses and took place while he was registered with Cetera Investment Services LLC.
September 2018. “Client alleges misrepresentation regarding REITs she purchased, additional allegations of forged initials.” The customer sought $5,000 in damages and the case was settled for $30,000. The complaint was regarding real estate securities losses and took place while he was registered with Cetera Investment Services LLC.
September 2018. “Client alleges misrepresentation regarding the REIT’s she purchased.” The customer sought $5,000 in damages and the case was settled for $4,479.01. The complaint was regarding real estate securities losses and took place while he was registered with Cetera Investment Services LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cetera Investment Services LLC may be liable for investment or other losses suffered by Xiangyu Zhang’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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