Glendale Securities, Inc. broker Namhuanwei Huang (CRD# 3268328) is accused of stock losses. He has been registered with Glendale Securities, Inc. in Brooklyn, New York, since 2005.
In August 2021, the state of Massachusetts opened an investigation related to two disclosure incidents that were reported, alleging that he “exchanged more than 150 securities-related electronic communications with customers using a cellular-based messaging application, outside his member firm’s systems, without providing those communications to the firm.” The complaint alleges that there were numerous red flags of suspicious activity that he and the firm failed to identify and address, he violated recordkeeping requirements, and that he improperly disclosed confidential, nonpublic customer information to third parties absent an agreement from the customers permitting. He was fined $5,000 and was suspended for 10 days and ordered to pay $2,000 in costs. He will also be supervised on a heightened basis for five years.
In October 2017, FINRA named him in a complaint alleging that he “failed to detect and report suspicious activity, including anti-money laundering (AML) red flags, in connection with his member firm’s penny stock business.” It is alleged that he failed to identify or investigate red flags in connection with firm customers’ deposit and liquidation of certain stocks. It is further alleged that he violated the firm’s customer identification program by communicating exclusively with intermediaries on behalf of new customers that opened accounts at the firm to deposit and liquidate microcap securities and penny stocks. FINRA ordered him to pay a $5,000 civil and administrative penalty and a $2,000 fine and was suspended for 10 days.
Namhuanwei Huang Customer Complaints
He has been the subject of one customer complaints, according to his CRD report:
September 2024. “Breach of duty, conversion, fraud and misrepresentation, unjust enrichment, negligence, extreme emotional distress. time period: between 2020-2023.” The customer is seeking $580,000 in damages, and the case is currently pending. The complaint was regarding common and preferred stocks.
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, Glendale Securities, Inc. may be liable for investment or other losses suffered by Namhuanwei Huang’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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