Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker Wenru Liang (CRD # 5157279) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred after an investigation into her termination for engaging in an unethical course of conduct with an elderly customer.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Ms. Liang.
Registration Background for Wenru Liang
Ms. Liang first became registered in the securities industry in 2008. She was most recently registered with Columbia, MD based Transamerica Financial Advisors, Inc. (CRD # 16164) from January 2012 to August 2020. Her prior registrations include World Group Securities, Inc. (CRD # 114473) from March 2008 to January 2012.
FINRA’s Allegations Against Wenru Liang
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated February 12, 2021, Ms. Liang consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From April 2017 to August 2020, [Ms.] Liang engaged in an unethical course of conduct and circumvented her firm’s policies and procedures by assisting an elderly customer to designate her and a colleague as beneficiaries on the elderly customer’s variable annuity policy…”;
- “[Transamerica] polices … provided that the firm “has a duty to disclose potential and actual conflicts of interest to their customers …. [and] a duty to ensure that no representatives take inappropriate advantage of their position with the firm””;
- “In May 2007, [the customer] purchased a variable annuity through another FINRA member and designated her family members as beneficiaries”;
- “In January 2013, [the customer] opened an account at Transamerica with [Ms.] Liang. [The customer] was not related to [Ms.] Liang or Liang’s colleague JF”;
- “In April 2017, [Ms.] Liang and JF assisted [the customer] in changing the beneficiaries on the annuity”;
- “[The customer] was then a vulnerable 87-year widow, who was living by herself in an assisted living facility”;
- “During a call with the annuity company on April 18, 2017, JF with [Ms.] Liang present claimed that she was calling for “grandma” and requested that a change of beneficiary form to be sent to JF’s personal email address. Neither [Ms.] Liang nor JF identified themselves as registered representatives associated with Transamerica”;
- “On May 1, 2017, [Ms.] Liang and JF assisted [the customer] in completing a beneficiary change form, which was then sent from [the customer’s] residential facility. The form listed four primary beneficiaries with equal 25% shares, two of whom were JF, and [Ms.] Liang”;
- “The beneficiary change form falsely represented to the annuity company that [Ms.] Liang’s “relationship to owner” was “sister,” and JF’s “relationship to owner” was “granddaughter”;
- “[Ms.] Liang never disclosed to Transamerica that she was a named beneficiary on [the customer’s] variable annuity, including after [the customer’s] family members complained to the firm”;
- By virtue of the above actions, Ms. Liang violated FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Sanctions Wenru Liang
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s February 12, 2021 AWC also indicates that Ms. Liang consented to the following sanction(s):
- A six-month suspension from associating with a FINRA member in any capacity; and
- A $7,500.00 fine.
Wenru Liang Does Not Have A History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Ms. Liang reveals that she does not have a history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Wenru Liang 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.