Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Michelle Wu (CRD # 3046373) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into unauthorized discretion.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Ms. Wu.
Registration Background for Michelle Wu
Ms. Wu first became registered in the securities industry in 1998. She was most recently registered with San Jose, CA based Principal Securities, Inc. (CRD # 1137) from February 2002 to May 2022. Her prior registrations include WMA Securities, Inc. (CRD # 32625) from June 1998 to February 2002.
FINRA’s Allegations Against Michelle Wu
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 16, 2023 (No. 2022074969501), Ms. Wu consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between May 6, 2021 and June 30, 2021, [Ms.] Wu exercised discretion to effect 41 trades in 21 customers’ brokerage accounts”;
- “These 21 customers did not provide prior written authorization for [Ms.] Wu to exercise discretion in their accounts”;
- “Additionally, Principal Securities prohibited registered representatives from exercising discretion in a customer’s account except under very limited circumstances, which are inapplicable here”; and
- By virtue of her actions, Ms. Wu violated FINRA Rule 3260(b) regarding discretionary accounts, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Michelle Wu from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s June 16, 2023 AWC also indicates that Ms. Wu consented to the following sanction(s):
- A 20-business day suspension from association with any FINRA member in all capacities; and
- fine in the amount of $5,000.00.
Michelle Wu Has No Prior History of Securities Industry Customer Complaints
In addition to Ms. Wu being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Ms. Wu reveals that she has no prior history of customer complaints and/or customer-initiated arbitrations.
Have You Lost Money with Michell Wu?
If you or someone you know has or had a brokerage account with Ms. Michelle Wu and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
