John Lee: REIT Complaint Against Lee Nng & Associates Advisor

A recent investor complaint against Pleasanton, California financial advisor John Lee (CRD# 2948622) alleges that he misrepresented and recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Independent Financial Group, doing business as Lee Ng & Associates.

Mr. Lee’s BrokerCheck report discloses 10 investor complaints. The most recent, filed in September 2025, alleges that as a representative of Independent Financial Group, he recommended unsuitable investments, made misrepresentations of material facts, acted negligently, and breached his fiduciary duty in connection with the ARC Hospitality real estate investment trust. The pending complaint alleges unspecified damages.

A second investor complaint, filed in 2014, alleged that as a representative of Independent Financial Group, he recommended unsuitable tenant-in-common and other investments, committed fraud, acted negligently, breached his fiduciary duty, and breached contract. In 2015 the complaint reached a settlement of $562,500.

A third investor complaint, filed in 2013, alleged that as an Independent Financial Group representative, he recommended unsuitable direct participation programs, misrepresented material facts regarding the investments, breached his fiduciary duty, and acted negligently. The complaint reached a settlement of $70,500.

In a statement included with the 2013 complaint’s disclosure, Mr. Lee defended himself against the allegations, writing that the client was an experienced and sophisticated investor. “Investments were suitable and represented in accordance with firms policies and procedures,” he wrote. “Client signed all required documentation and additional forms acknowledging potential risks and rewards associated with investments. Firm and registrant defend the transactions. Without admitting any liability and to avoid costs and delays, the parties settled the matter for $70,500. The registrant did not contribute to the settlement.”

According to the Financial Industry Regulatory Authority, John Lee holds 27 years of securities industry experience. Based in Pleasanton, California, he has been registered as a broker and an investment advisor with Independent Financial Group since 2005, doing business as Lee Ng & Associates. His past registrations include National Planning Corporation and HD Vest Investment Services. His credentials include the passage of seven securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Principal Examination, or Series 24; and the Municipal Fund Securities Principal Examination, or Series 51. He is licensed in California, Nevada, and Texas. (Information current as of October 19, 2025.)

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