Chay Lapin: Former WealthForge Advisor Had Private Placement Complaint

FNEX Capital advisor Chay Lapin (CRD# 6275140) recently received an investor complaint concerning the performance of a private placement. Financial Industry Regulatory Authority records show that he is a broker based in Torrance, California, where he was formerly registered with WealthForge Securities.

Mr. Lapin’s BrokerCheck report discloses one recent investor complaint. Filed in November 2019, the complaint alleges that two private placement investments were “not performing as he anticipated,” and further that his funds were “locked out of his control.” The complaint sought unspecified damages and was denied by the firm. (When a complaint is denied, for reference, this is not necessarily mean it has no basis in fact. Customers can still pursue other actions, like FINRA arbitration claims.)

In a statement on the denied complaint’s disclosure, Mr. Lapin wrote that the investment properties remained occupied with positive cashflow. “There has been no principal loss to date,” he commented, adding further that “The private placement memorandum was presented according to firm procedure, without embellishment or misrepresentation.” His statement concluded, “The investor is a sophisticated and accredited investor who was informed of the risks and who stated that he was comfortable with the risks of investing in real estate. No monetary dollar amount damage is alleged due to there being no current principal loss.”

According to the Financial Industry Regulatory Authority, Chay Lapin holds eight years of securities industry experience. Based in Torrance, California, he has a broker with FNEX Capital in Torrance, California since January 2022. His past registrations include Growth Capital Services (Torrance, California; 2020-2022), WealthForge Securities (Torrance, California; 2017-2020), Colorado Financial Service Corporation (Palos Verdes Estates, California; 2015-2017), and Concorde Investment Services (Palos Verdes Estates, California; 2014-2015). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; and the Securities Industry Essentials Examination, or SIE. He holds 51 state licenses. (Information current as of July 11, 2022.)

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