Andy Cheng: Schwab Advisor Faced Investor Complaint

A recent, denied investor complaint against Arcadia, California financial advisor Andy Cheng (CRD# 5471374) alleged that his advice resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Charles Schwab & Company, having previously been registered with Cetera Investment Services.

Mr. Cheng’s BrokerCheck report discloses one investor complaint. Filed in May 2026, it alleged that as a representative of Cetera Investment Services, he represented an investment as “safe with low risk and stable return,” though the customer went on to lose “a lot of money.” The complaint alleged unspecified damages and was denied by the firm.

Investors should be aware that FINRA rules prohibit brokers from providing misleading information regarding the products they recommend, an act commonly referred to as “misrepresentation.” FINRA Rule 2020 specifically stipulates that brokers may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who make misrepresentations regarding their investment recommendations may cause their clients to purchase unsuitable products, in violation of FINRA Rule 2111. Representatives who misrepresent and/or recommend unsuitable investments may be held liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Andy Cheng holds 17 years of securities industry experience. Based in Arcadia, California, he has been registered as a broker and an investment advisor with Charles Schwab & Company since 2021. His registration history includes Cetera Investment Services, TD Ameritrade, Merrill Lynch, and Scottrade. His credentials include the passage of six securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; and the General Securities Representative Examination, or Series 7. He is licensed in California, Illinois, Missouri, Nevada, New York, Nevada, New Jersey, Ohio, Pennsylvania, South Dakota, and Texas. (Information current as of June 14, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.