Were you the victim of former Independent Financial Group, LLC broker Lei Shen (Peter Shen) (CRD# 5769894), who is accused of unsuitable investment recommendations? He has been registered with Ni Advisors in Orange, California, since 2020. Previously, he was registered with Independent Financial Group, LLC in Orange, California, from 2015 to 2020.
Lei Shen Customer Complaints
He has been the subject of three customer complaints between 2014 and 2023, according to his CRD report. The most recent complaints were regarding:
January 2023. “Per IFG U5 amendment: Allege that investments were not suitable and were not in line with their investment objectives, that they were over concentrated and that there was not a reasonable basis for the recommendation or the strategy employed.” The customer is seeking $1,500,000 in damages and the case is currently pending. The complaint took place while he was registered with Independent Financial Group, LLC, and it was regarding real estate investment trusts (REITs) and business development companies (BDCAs).
August 2021. “Allege investments were not suitable.” The customer sought $950,000 in damages, and the case was settled for $625,000. The complaint took place while he was registered with LPL Financial LLC and Independent Financial Group, LLC, and it was regarding real estate securities and REITs.
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, Independent Financial Group, LLC may be liable for investment or other losses suffered by Lei Shen’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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