Ex-Morgan Stanley Broker Gary Chang Barred by Securities Regulators
According to a press release, Chingyuan “Gary” Chang, a former registered representative and investment adviser representative, settled charges with the Securities and Exchange Commission (SEC) for misappropriating funds from brokerage customers and an advisory client.
From September 2021 to June 2022, Chang allegedly stole around $58,560 from four individuals by initiating unauthorized transfers to his personal accounts. He is also accused of selling securities in customer accounts before making fraudulent transfers and allegedly attempting to conceal his actions. Following an internal review by his employer in July 2022, Chang repaid the misappropriated amounts. Without admitting or denying the findings, Chang consented to a cease-and-desist order and agreed to pay a penalty of $58,560.
Additionally, he accepted a bar from association with various financial entities and a prohibition on involvement with penny stocks and investment companies.
FINRA, the securities regulator, reportedly barred Gary Chang in December 2022, for the above allegations.
FINRA BrokerCheck Report – Gary Chang
According to this FINRA BrokerCheck report, Gary Chang (CRD #2922898) was affiliated with the following firms during his career, among others:
02/02/2016 – 08/09/2022, MORGAN STANLEY (CRD#:149777), Cupertino, CA,
B, 02/13/2013 – 01/08/2016, CETERA INVESTMENT SERVICES LLC (CRD#:15340), MILLBRAE, CA
Investors can use the tool to verify if a broker or brokerage firm is registered with FINRA, review their employment history, licensing status, and any regulatory actions or complaints filed against them.
Recovery of Investment Losses
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. Our firm has handled over 700 FINRA arbitration claims on behalf of investors.
