Law Firm Investigates Ponzi Scheme Sales by New York Life Advisor, Felix Chu
PLEASANT HILL, CALIFORNIA – Have you lost money with financial advisor Felix Chu, formerly of New York Life in Pleasant Hill, California? We are looking into allegations made against Felix Chu, who has been the subject of three customer complaints, one of which was filed within the last year. The recent customer alleged that Chu sold investments in promissory notes that turned out to be a Ponzi scheme.
Felix Chu was a registered representative of New York Life from 1994 to March 2019. He has worked at branch offices in Pleasant Hill, California. Chu was also barred from the securities industry by FINRA in 2019.
Brokerage firms like New York Life have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in California. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against New York Life.
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