Sharon Kwan (CRD#: 2578627), now a registered representative with Royal Alliance Associates, Inc. (CRD#: 23131) in Arcadia, California, was previously terminated from National Planning Corporation, according to her BrokerCheck record accessed on July 1, 2020.
On September 25, 2013, Sharon Kwan was terminated from National Planning Corporation. What happened? The firm found that she had not disclosed that she held a shared bank account with a client. As a result, she was discharged.
On September 19, 2017, Sharon Kwan was suspended by the Financial Industry Regulatory Authority. She consented to FINRA’s findings that she engaged in undisclosed outside business activities from April 2009 through April 2013. She participated in undisclosed real estate activities with firm customers. When asked to provide attestations on annual firm compliance forms, Sharon Kwan did not disclose that she had engaged in these activities, which involved residential properties. According to BrokerCheck, the customers were personal friends of Sharon Kwan. This does not exempt the broker from following FINRA rules, however. FINRA found that Sharon Kwan maintained two joint bank accounts with a customer to further their real estate transactions. This customer deposited nearly $1.4 million into these accounts, as did Sharon Kwan. Ultimately, Sharon Kwan consented to FINRA’s findings and sanctions: a $15,000 fine and a four-month suspension, from October 16, 2017 through February 15, 2018. She entered into an Acceptance, Waiver, and Consent (AWC) with FINRA. A copy of her AWC can be viewed here.
Sharon Kwan has passed the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 7 – General Securities Representative Examination, and the Series 6 – Investment Company Products/Variable Contracts Representative Examination. She is registered to sell securities in California, Texas, and Utah. Over her 25-year career in the securities industry, she has worked for two broker-dealers: Royal Alliance (CRD#: 23131) and National Planning Corporation (CRD#: 29604).
If Sharon Kwan was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.