The Financial Industry Regulatory Authority recently barred ex-Landolt Securities advisor Tony Liddle (CRD# 5478479). FINRA records show that the former...Read More
Joseph Chu: $1.1mm Energy Complaint Against RBC Advisor
Stamford financial advisor Joseph Chu (CRD# 4546805) has recently received several investor complaints concerning allegedly unsuitable energy securities. Financial Industry Regulatory Authority records show that Mr. Chu is a broker and investment advisor with RBC Capital Markets, having formerly been registered with Merrill Lynch.
Mr. Chu’s BrokerCheck report discloses five pending investor complaints. One of the most recent was filed in January 2022, alleging that he recommended unsuitable energy sector securities while a representative of RBC Capital Markets. The pending complaint alleges damages of $1,102,631.69. A complaint filed in February 2022 similarly alleged that he recommended an unsuitable concentration in energy sector securities, seeking damages of $866,302.56. Another February 2022 complaint alleged that he made misrepresentations and recommended unsuitable investments in the oil and gas, energy, and material sectors while at Merrill Lynch and RBC Capital Markets. This pending complaint alleges damages of $500,000.
A complaint filed in 2020 alleges that he was negligent and breached his fiduciary duty by making the recommendation of unsuitable, over-concentrated energy securities, seeking damages of $1,000,000. A complaint filed in 2020, finally, alleged that his failure to properly diversify the account, as well as a discretionary purchase of stocks in the oil and gas and energy sectors, resulted in substantial losses. This pending complaint alleges damages of $367,452.
Mr. Chu’s BrokerCheck report also describes two investor complaints that reached settlements. A complaint filed in 2020 alleged that he recommended unsuitable investments in the oil and gas sectors, reaching a settlement in 2021 of $500,000. Another 2020 complaint alleged that he made unsuitable recommendations and misrepresentations, settling in 2021 for $85,000.
According to the Financial Industry Regulatory Authority, Joseph Chu holds 19 years of securities industry experience. Based in Stamford, Connecticut, he has been a representative of RBC Capital Markets since 2018. He was formerly registered with Merrill Lynch (Greenwich, Connecticut; 2002-2018). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He holds 26 state licenses. (Information current as of June 6, 2022.)
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