Allegations Against Tony Cheng

FINRA alleged that it initiated an investigation into Anthony Cheng regarding allegations that he engaged in undisclosed outside business activities.  In May 2025, he was terminated by Ameritas Investment Company regarding allegations that he engaged in private securities transactions, meaning that he sold investments that were not approved by Ameritas.  Generally, under FINRA Rules 3270 and 3280, brokers must disclose all business activities that they are involved in, and they must disclose all securities that they are selling.

In response, Tony Cheng refused to appear for an on-the-record interview, which led to him being barred from the securities industry.

Tony Cheng Industry History

Anthony Cheng was affiliated with Ameritas Investment Company from 2015 to May 2025.  He worked in an office in San Jose, California.  In addition, Cheng operated a company called Thrive Wealth Solutions.

Ameritas Investment Company Potential Responsibility

Pursuant to FINRA Rule 3110, broker-dealers like Ameritas Investment Company must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise its advisors or brokers, it could be liable for any investor harm.

Israels & Neuman Represents Investors in California

Our firm represents investors throughout the US including California, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Anthony Cheng and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Anthony Cheng FINRA AWC
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights. We have experience representing California investors and are ready to help you recover what you deserve.

Allegations Against Jacob Harper

According to a FINRA regulatory action, Jacob Harper borrowed $50,000 from two customers of D.A. Davidson (who were also friends of Harper) in November 2024 and January 2025.  Generally, advisors cannot borrow money from customers without prior firm approval and under limited circumstances, under FINRA Rule 3270.  Harper allegedly returned $3,000 to one customer but has not returned any money to the other customer.

Additionally, FINRA alleged that Harper established three securities trading accounts outside of D.A. Davidson without getting prior permission.  To settle these allegations, Harper agreed to a 22-month suspension from the securities industry and a fine of $17,500.

Background on Jacob Harper

Jacob Harper was licensed with D.A. Davidson from September 2023 to March 2025 at a Newport Beach, California office.  Harper was also previously licensed with LPL Financial, Wells Fargo, and other firms.  Harper also ran a firm called Harper Private Wealth.

Can D.A. Davidson Be Responsible for Losses?

FINRA Rule 3110 requires securities brokerage firms like D.A. Davidson to adequately supervise the activity of its advisors.  D.A. Davidson could be responsible for investor losses if it failed to reasonably supervise him.

We Help Investors in California

We represent investors throughout the United States including California, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  We have represented numerous investors in California in the past.  If you were a client of Jacob Harper and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Harper’s BrokerCheck Report
• View Harper’s FINRA AWC

Contact Us for a Free Case Evaluation

We offer contingency fee representation, meaning you pay nothing unless we recover money for you!

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

FINRA alleged that it has started an investigation into Glenn Ngo, who was formerly with Park Avenue Securities in San Diego, California.  They are investigating whether he participated in selling investments away from his firm.  Investors may be able to recover losses by filing a claim through the securities law firm of Israels & Neuman.  Generally, financial advisors must get permission for every investment product that they sell from their brokerage firm.  FINRA alleged that Glenn Ngo refused to cooperate with FINRA’s investigation, which is a violation of FINRA Rule 8210.  Violations like this often result in suspensions or expulsions from the securities brokerage industry, and this advisor is now barred by FINRA.

Glenn Ngo Industry History

Glenn Ngo was affiliated with Park Avenue Securities from March 2023 to March 2025.  He worked in a San Diego, California office and was also previously registered with Northwestern Mutual in Carlsbad.

Park Avenue Securities’ Potential Liability

Under FINRA Rule 3110, broker-dealers like Park Avenue Securities must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise its representatives, it could be liable for any investor harm.

Israels & Neuman represents investors throughout the country as well as California, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Glenn Ngo and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Glenn Ngo FINRA AWC
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

 (720) 599-3505 or (206) 795-5798

Wells Fargo’s Allegations Regarding Firing Leroy Born

FINRA’s BrokerCheck discloses the reasons for Born’s termination.  According to a BrokerCheck disclosure, Born was fired by Wells Fargo “after a review determined the FA recommended investments inconsistent with certain clients’ recorded investment profiles and risk tolerances”. 

Additionally, Leroy Born has been the subject of 11 customer complaints, six of which have been made since October 2024.  Some investors alleged that Born made unauthorized investments, that investments were too risky for their risk tolerance, and that Born was not acting in the investor’s best interests.

Background on Leroy Born

Leroy Born was licensed with Wells Fargo from June 2017 to June 2025 at a Tustin, California office.  Born is now registered with International Assets Advisory in Las Flores.  Born has been in the securities industry since 1999. 

Can Wells Fargo Be Liable for Born’s Conduct?

According to FINRA Rule 3110, securities brokerage firms have obligations to sufficiently supervise the activity of its advisors.  Wells Fargo could be liable if it failed to reasonably supervise him, considering factors such as the numerous customer complaints made against him.

We Help Investors Nationwide, Including in California

We represent investors throughout the United States as well as California, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Leroy Born and believe your financial advisor acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Leroy Born BrokerCheck Report

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to learn more about your rights.

FINRA posts reportable events on a website called BrokerCheck, which discloses events like customer complaints, terminations, and regulatory investigations against licensed financial advisors.  According to BrokerCheck, Johnson was the subject of a customer complaint made in June 2025, alleging losses of $750,000.  The complaint alleged that he recommended purchases of Bed Bath and Beyond shares and energy stocks.

Background on Derek Johnson

Derek Johnson held his securities license through Morgan Stanley since June 2020.  He was assigned to a Brea, California office.  Johnson had been in the industry since 2005.  He was also the subject of a customer complaint made in 2021 that settled for $750,000.

Responsibility for Johnson’s Conduct

Morgan Stanley is a broker-dealer and is required to reasonably supervise the activities of its financial advisors, under FINRA Rule 3110.  Morgan Stanley also has to ensure that investment recommendations are suitable for its customers under Rule 2111.  Violations of these rules could lead to liability for a broker-dealer.

We Represent Investors in California

Our securities arbitration law firm represents investors throughout the country, including in California and the Los Angeles area.  If you were a client of Derek Johnson and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

We always offer Free Consultations. If we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you!

Call us today at (720) 599-3505 or (206) 795-5798

www.israelsneuman.com

Did you invest with financial advisor Steven McCormick in Simi Valley, California? Israels & Neuman is looking into claims made by FINRA against this advisor, who was affiliated of Woodbury Financial Services from March 2019 to January 2024 and with Osaic Wealth from January 2024 to October 2024. He was recently barred from the securities brokerage industry by FINRA after he refused to cooperate with a FINRA investigation.

According to FINRA’s Letter of Acceptance, Waiver, and Consent (AWC), McCormick was the subject of a complaint made to FINRA, which led to an investigation. He acknowledged the FINRA investigation but said he would not comply.

Steven P. McCormick was registered with Woodbury Financial Services and Osaic Wealth. He worked in Simi Valley, California and was also the subject of a 2021 tax lien and a 2017 customer complaint.

Brokerage firms must reasonably monitor their financial advisors. If the firm fails to do so, they could be liable for investor losses.

View FINRA AWC HERE

VIEW BROKERCHECK REPORT HERE

If you lost money with Steven McCormick, Woodbury Financial Services, or Osaic Wealth, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

Are you a former customer of financial advisor Bryce Hamilton from Carmel by the Sea, California? Our investment fraud law firm is looking into allegations made against this advisor. He was permitted by LPL Financial to resign in October 2024 regarding allegations that he failed to timely report a customer complaint regarding conduct at prior firms.

The customer complaint alleged that Mr. Hamilton recommended an unsuitable investment in a private placements during 2021. He was affiliated with a few firms during 2021, including Kingswood Capital Partners, Financial Gravity Family Office Services, and Forta Financial Group in Carmel by the Sea, California. The customer alleged $300,000 in losses from these private placements.

Our firm has represented numerous investors throughout California and have sued dozens of brokerage firms in the past. We represent clients in all 50 states.

You can find a copy of Bryce Hamilton’s BrokerCheck report here.

If you lost money with Bryce Hamilton, Kingswood Capital Partners, Financial Gravity Family Office Services, or Forta Financial Group, contact the law firm of ISRAELS & NEUMAN at (616) 280-4303 or (206) 795-5798 for a Free evaluation of your case.

BEVERLY HILLS, CALIFORNIA Did you invest with financial advisor Robert Daly in Beverly Hills, California? Our securities arbitration law firm is looking into claims made against this advisor, who was previously registered with Morgan Stanley from February 2016 to March 2023. He was expelled from the securities brokerage industry by FINRA after he refused to cooperate with a FINRA investigation.

Robert Daly was the subject of two customer complaints made in July and September 2024. FINRA also received a tip related to a possible undisclosed private securities transaction, which means that he may have sold investments that were not authorized by Morgan Stanley.

Robert Anthony Daly was registered with Morgan Stanley, as well as with Xtellus Capital Partners. He worked in Beverly Hills, California. The September 2024 complaint alleges that he sold investments in First Republic Bank.

Securities brokerage firms have to sufficiently supervise the conduct of their financial advisors. If the firm fails to do so, they could be liable for investor losses. Our law firm that has represented thousands of investors in the past, including numerous investors in California.

VIEW FINRA AWC HERE

VIEW BROKERCHECK REPORT HERE

If you lost money with Robert Daly, or Morgan Stanley, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

SACRAMENTO, CALIFORNIA Are you a former client of financial advisor Ronnie Dumag? The securities and investment fraud law firm of Israels & Neuman is looking into allegations against this advisor, who previously worked with PFS Investments (Primerica).

Mr. Dumag was barred by FINRA after he refused to respond to an investigation. FINRA was investigating whether he had converted or stolen funds from an elderly customer. Since he failed to respond, FINRA expelled him from the securities brokerage industry.

Ronnie Dumag was registered with PFS Investments from 2004 to May 2024, and worked in Sacramento, California. He also had a $50,000 tax lien in 2020.

Israels & Neuman has recovered millions of dollars for investors in the past, including numerous investors in California. Our firm has sued many brokerage firms throughout the country.

View FINRA AWC HERE View BrokerCheck Report HERE

If you lost money with Ronnie Dumag, or PFS Investments, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

CLAREMONT, CALIFORNIA Did you invest with Rosaline Alam in Claremont, California? Our investment fraud law firm is reviewing allegations against this advisor, who was previously licensed with Pruco Securities (Prudential). She was expelled from the securities brokerage industry in June 2024 by FINRA after she failed to respond to FINRA’s investigation.

In November 2023, Pruco Securities disclosed to FINRA that Ms. Alam allegedly misappropriated funds from an elderly customer and was named as a beneficiary in the customer’s will. This prompted the investigation by FINRA. When she failed to respond to the investigation, FINRA barred her in June 2024. In addition, she has also been the subject of a December 2023 customer complaint.

Rosaline Alam was registered with Pruco Securities from August 2016 to October 2023. She was also affiliated with Lincoln Investments and worked in Claremont, California.

Our investment fraud and securities arbitration law firm has recovered millions of dollars for investors in the past, including numerous investors in California. We have represented investors against numerous brokerage firms.

FINRA AWC can be found HERE BrokerCheck Report can be found HERE

If you lost money with Rosaline Alam, or Pruco Securities, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

SEVEN OAKS, CALIFORNIA Are you a former client of financial advisor Ronald Berg? The securities and investment fraud law firm of Israels & Neuman is looking into allegations against this advisor, who previously worked with a brokerage firm called Innovation Partners.

Mr. Berg was barred by FINRA after he refused to respond to an investigation. In May 2024, FINRA filed a disclosure on BrokerCheck stating that he made multiple investment recommendations to seniors to invest in private placements, and he also allegedly had involvement in a customer trust. FINRA said that Berg initially provided a partial response to its investigation, but the information and documents he failed to provide were material to the investigation.

Ronald Berg was registered with Innovation Partners from August 2016 to May 2024. He worked in Seven Oaks, California, and Innovation Partners is based in Charlotte, North Carolina.

Israels & Neuman has recovered millions of dollars for investors in the past, including numerous investors in California. Our firm has sued many brokerage firms throughout the country.

FINRA AWC can be found HERE BrokerCheck Report can be found HERE

If you lost money with Ronald Berg, or Innovation Partners, contact the law firm of ISRAELS & NEUMAN at (206) 795-5798 for a Free evaluation of your case.

CONCORD, CALIFORNIA Have you invested with financial advisor Sean Fields from Concord, California? In January 2024, he was fired by his brokerage firm, PFS Investments. Fields was under internal investigation by his brokerage firm, whereby he allegedly admitted that he borrowed from two customers. Generally, financial advisors cannot borrow money from clients, with limited exceptions, and the advisor must get prior approval to borrow money from clients.

Sean Fields held his securities license with PFS Investments from 2015 to January 2024. He also held his insurance licenses with Primerica Financial Services.

FINRA Rule 3240 provides for circumstances in which an advisor can borrow from a customer. Moreover, under FINRA Rule 3111, Brokerage firms are required to have written supervisory and compliance procedures. If the firm failed to reasonably supervise its representatives, it may be liable for customer losses.

Our firm has represented numerous investors throughout California and have sued dozens of brokerage firms in the past, including PFS Investments.

View BrokerCheck report here.

If you lost money with Sean Fields or PFS Investments, please Contact Us at 206-795-5798 for a free evaluation of your case.

LA MESA, CALIFORNIA Are you a client of David Taddeo at LPL Financial in La Mesa, CA? He has been with LPL Financial Securities since 2000 and is the subject of six customer complaints, four of which have been made since 2020. The most recent complaint, made in December 2023, alleges losses of $124,000 related to a “private securities transaction” that was allegedly done with approval from LPL Financial.

According to FINRA, he worked in La Mesa, California and also has held an advisory license with LPL Financial since 2002.

If you lost money with David Taddeo, LPL Financial, or in real estate investments, please Contact Us at 720-599-3505 for a free evaluation of your case.

View BrokerCheck Report HERE.