Joseph Chu (CRD #: 4546805), a broker and an investment advisor registered with RBC Capital Markets, LLC, has pending allegations regarding unsuitable and over-concentrated investments, according to his BrokerCheck record, accessed August 26, 2020.
On August 4, 2020, a client alleged that Joseph Chu recommended unsuitable investments in oil and natural resource related securities. The client alleges that these recommendations resulted in the over-concentration of energy securities in their portfolio, contrary to their investment objectives. The client is seeking $1,600,000 in damages; the dispute is pending.
On July 9, 2020, a client alleged that Mr. Chu misrepresented the high risk of investing in energy and material sectors and over-concentrated the client’s portfolio in those securities. The client is seeking $500,001 in damages; the dispute is pending.
FINRA Rule 2111 stipulates that investors must consider the suitability of securities for their clients, taking into account factors like risk-tolerance. The energy sector is notoriously volatile, making it unsuitable for many investors.
Joseph Chu has passed the Series 66 Uniform Combined State Law Examination, the Securities Industry Essentials Examination, the Series 31 Futures Managed Funds Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in Arizona, California, Colorado, Connecticut, Delaware, D.C., Florida, Illinois, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, and Virginia. He is a registered investment adviser in Connecticut and Texas.
In his 18 years in the securities industry, Joseph Chu has worked at one other firm:
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
If Jospeh Chu was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys atFitapelli Kurta. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.