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FINRA Bars Former Raymond James Broker Taek Chong After Complaints of Overpayment of Commissions

Former Raymond James broker Taek Chong was barred by FINRA when he failed to comply with its investigation into the receipt of multiple customer complaints regarding the overpayment of commissions.

Chong was also under internal review from Raymond James for alleged inappropriate commission amounts discovered in connection to large international trades. He voluntarily resigned from Raymond James in May 2018. On May 25, 2018, FINRA requested that Chong provide information pertaining to the investigation. Chong was barred by FINRA in June after he responded through counsel that he refused to provide the requested information.

According to his BrokerCheck report, Chong has one settled dispute from May and another is still pending. In the settled dispute, an overpayment of commissions and defalcation (misappropriation of funds) was alleged. The dispute settled for more than $1 million. Another pending dispute, also from May, alleged overpayment of commissions as well. That dispute is requesting $920,000 in damages.

Prior to becoming barred, Chong spent 30 years working in the securities industry. From 2000 to 2018, he was registered with Raymond James Financial Services, Inc., and before that he was registered with Deutsche Bank Securities, AG Edwards & Sons, SG Cowen Securities Corporation, Cowen & Company, Lehman Brothers, Wertheim Schroder & Company, and Montgomery Securities.

Did You Lose Money While Investing With Taek Chong?

If you lost money working with Chong, the investment fraud attorneys at Meyer Wilson would like to hear from you. Because FINRA member firms are responsible for supervising their brokers, Raymond James may be liable for any losses you sustained. Give our office a call today at (800) 738-1960 for a consultation. Since we accept cases on a contingency basis, you won't pay any fees unless we recover money on your behalf.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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