FINRA Bars Broker Anthony Cheng Over Undisclosed Outside Business Activities
Anthony Tianfeng Cheng—also known as Anthony Cheng, Tony T. Cheng, and Tony Tianfeng Cheng (CRD #6242405)—has been permanently barred by FINRA from associating with any broker-dealer firm. Cheng was previously registered as both a broker and investment adviser and most recently worked at Ameritas Investment Company, LLC.
FINRA’s action follows allegations that Cheng refused to provide information and documents during an investigation into whether he engaged in undisclosed outside business activities (OBAs). The investigation also stemmed from concerns related to private securities transactions, commonly referred to as “selling away.”
Details of the FINRA Bar Against Anthony Cheng
According to FINRA, without admitting or denying the findings, Anthony Cheng consented to a permanent bar after failing to cooperate with FINRA’s investigation. Under FINRA rules, a broker’s refusal to provide requested information is itself a serious violation and often results in the most severe sanctions.
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Sanction: Permanent FINRA bar
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Date: February 2, 2026
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Resolution: Acceptance, Waiver & Consent (AWC)
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Allegations: Failure to provide information and documents related to an investigation into undisclosed OBAs
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Registration Status: No active FINRA registrations
FINRA emphasized that the investigation centered on whether Cheng engaged in outside business activities that were not properly disclosed, a recurring issue in investor loss cases.
Employment Termination and Selling Away Allegations
In May 2025, Ameritas Investment Company, LLC discharged Cheng following allegations that he failed to comply with firm policies regarding:
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Private securities transactions (selling away)
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Unreported outside business activities
Selling away occurs when a broker solicits investments outside the supervision of their firm, depriving investors of important compliance protections. These transactions are frequently associated with high-risk, illiquid, or fraudulent investments, and they are a common basis for FINRA arbitration claims by investors seeking to recover losses.
Investor Concerns and FINRA Arbitration
While the public record reflects regulatory disclosures, investors who worked with Anthony Cheng may still have legal options. Brokerage firms can be held responsible under FINRA rules if they failed to supervise a broker’s activities, including undisclosed OBAs or selling away schemes.
Investors who suffered losses may be able to pursue recovery through FINRA arbitration, the primary forum for resolving disputes between investors and brokerage firms. Arbitration claims often allege:
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Failure to supervise
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Negligence
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Unsuitable investment recommendations
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Unauthorized or undisclosed transactions
Broker Background and Registration History
Anthony Cheng had approximately 11 years of industry experience and was registered with the following firms:
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Ameritas Investment Company, LLC (2015–2025)
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Pruco Securities, LLC (2014–2015)
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Waddell & Reed (2013–2014)
He is no longer licensed in any state and holds no active FINRA registrations.
FAQs About Anthony Cheng, FINRA Complaints, and Investor Lawsuits
Why did FINRA bar Anthony Cheng?
FINRA barred Anthony Cheng after he refused to provide information and documents requested during an investigation into possible undisclosed outside business activities. Under FINRA rules, failure to cooperate with an investigation is grounds for a permanent bar.
What are outside business activities and why do they matter?
Outside business activities (OBAs) include any work or business a broker engages in outside their brokerage firm. OBAs must be disclosed so firms can supervise potential conflicts of interest. Undisclosed OBAs are often linked to selling away and investor losses.
Can investors file a lawsuit or FINRA arbitration claim related to Anthony Cheng?
Investors typically pursue claims through FINRA arbitration, not traditional lawsuits. Even if a broker is barred, investors may still seek recovery from the brokerage firm for failure to supervise or other violations.
How The White Law Group Can Help
If you invested with Anthony Cheng or were solicited into investments outside of Ameritas Investment Company or another firm, you may have options to recover losses. The White Law Group represents investors nationwide in FINRA arbitration involving broker misconduct, selling away, and undisclosed outside business activities.
Contact The White Law Group today for a free consultation to discuss your potential claim.
Last modified: February 10, 2026
