Yong Chang: $150K Complaint Against U&T Financial Advisor

Recent investor complaints against Seattle financial advisor Yong Chang (CRD# 4440739) allege that he recommended unsuitable REIT investments. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with Independent Financial Group, doing business as U&T Financial.

Mr. Chang’s BrokerCheck report discloses two investor complaints. The most recent, filed in January 2023, alleges that as a representative of Independent Financial Group, he recommended an unsuitable investment in a real estate investment trust. The pending complaint alleges damages of $25,000.

In a “Broker Comment” included with the pending complaint’s disclosure, Mr. Chang pushes back against the claim, writing that it “cherry picks one investment and claims it was not suitable despite other similar investments in the client’s portfolios.” The comment states, inter alia, that the firm “intends to defend on numerous grounds,” and asserts that “The fact that an investment does not perform as expected or intended or that a client lost money, absent other factors does not automatically mean the investment was not suitable.”

A second investor complaint, filed in September 2021, similarly alleges that as an IFG representative, he recommended unsuitable investments in non-traded REITs. The pending complaint alleges damages of $150,000. A “Broker Comment” included with the complaint again describes the firm’s intent to defend itself against the allegations, asserting: “Preliminary investigation does not reveal evidence to support claim that investments were not suitable or that the Firm’s due diligence and supervision was inadequate or insufficient.”

According to the Financial Industry Regulatory Authority, Yong Chang holds 21 years of securities industry experience. Based in Seattle, Washington, he has been a broker and an investment advisor with Independent Financial Group since 2008, doing business as U&T Financial. He was previously registered with Pruco Securities in Bellevue, Washington from 2001 until 2008. His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Michigan, Missouri, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, and Washington. (Information current as of March 12, 2023.)

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