Wenjinn Chang Allegedly Invests His Customer In Unsuitable Non-Traded REITs

Oakes & Fosher is currently investigating the possible negligence and/or misconduct by securities broker Wenjinn Chang. According to his publicly available FINRA BrokerCheck report, Wenjinn Chang has been the subject of multiple customer disputes over the course of his career.

Wenjinn Chang is presently working as a Maryland based securities broker. He has worked in the securities industry for seventeen years. During his career, he has been registered with four different securities firms.

His Registrations

• PFS Investments Inc. (2002-2003)


• AXA Advisors (2003-2004)


• Ameritas Investment Corp. (2004-2012)


• Independent Financial Group (2012-Present)

The Allegations

• In September 2018, a customer alleged that Wenjinn Chang failed to advise them of the risks associated with a recommended investment.


• In October 2018, a customer alleged that Wenjinn Chang over-concentrated their account in non-traded REITs. This case is currently pending. The customer is seeking $50,000 in damages.

What Are Non-Traded REITs?

Non-traded REITs, or real estate investment trusts, are privately traded securities not sold on any public securities exchanges. Due to their private nature, these investments are incredibly speculative and illiquid. They also cause investors to incur significant sales charges including an obscenely high commission for the recommending broker. Due to their inherent risk, lack of liquidity, and extremely high cost structure, they are highly unsuitable for most investors--especially those with more modest investment objectives and lower risk tolerances.

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 actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion. If you, or someone you know, have lost money investing with Wenjinn Chang, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.