Securities Arbitration Lawyer Blog
FINRA has suspended financial advisors Wenru Liang (“Liang”) and Jenny Xinfang Feng (“Feng”) from the securities industry for a six-month period. Neither is currently associated with any FINRA member.
FINRA found that Liang and Feng engaged in unethical conduct between April 2017 and August 2020 by designating themselves as beneficiaries on an elderly customer’s variable annuity policy. The customer was not related to Liang or Feng. FINRA also found that they had misrepresented their relationship with the customer to the annuity company and attempted to conceal their conduct from their firm, Transamerica Financial Advisors, Inc. (“Transamerica”).
In addition to their six-month suspension, Liang and Feng were also fined $7,500 each.