The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Sara Aiping Ng. According to her publicly available FINRA BrokerCheck report, Sara Aiping Ng has been the subject of multiple customer complaints over the course of her career.

Sara Aiping Ng currently operates as a New York based securities broker. She has worked in the securities industry for twenty-two years. During her career, she has been registered with ten different securities firms.

Her Registrations

  • IDS Life Insurance Company (1996-1997)
  • American Express Financial Advisors (1996-1997)
  • Dean Witter Reynolds (1997-1999)
  • Gruntal & Co. (1999-2000)
  • Wachovia Securities (2000-2002)
  • Berthel, Fisher & Company (2002-2014)
  • Financial West Group (2014-2015)
  • Axiom Capital Management (2015-2016)
  • Moloney Securities Co. (2016-2017)
  • Westpark Capital (2017-2018)

The Allegations

  • In December 2000, a customer alleged that Sara Aiping Ng engaged in unauthorized use of margin. This case was settled for $11,500 in damages.
  • In May 2017, customers alleged that the investments they purchased on Sara Aiping Ng’s recommendation were both unsuitable and misrepresented. This case was settled for $236,553 in damages.
  • In September 2018, another customer alleged unsuitable investment recommendations and misrepresentation. This case is currently pending. The customer is seeking $300,000 in damages.
  • In November 2018, she was officially sanctioned by FINRA. The findings in this matter state that she was complicit in distributing a letter with misleading statements. Due to these alleged actions, she was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of fifteen business days.

Unsuitable Investment Recommendations

Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by factors that include the customer’s financial situation, investment objectives, risk tolerance, and liquidity needs. Securities brokers, like Sara Aiping Ng, are expected to conduct the necessary due diligence required to discern a customer’s suitability by analyzing the above mentioned factors.

Misrepresentation

Securities brokers are required to both disclose all relevant information concerning potential investments and to disclose all that information honestly. If an investor gives their customer false information concerning an investment, it constitutes as misrepresentation. This is a very serious allegation due to the fact that investors might purchase unsuitable securities based on their securities broker’s misrepresentation that they would not have otherwise purchased.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Sara Aiping Ng, please contact Oakes & Fosher for a free and private consultation.