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Preston Tsao: FINRA Bars Ex-INTE Securities Rep

Former New York City broker Preston Tsao (CRD# 1892935) was recently barred by the Financial Industry Regulatory Authority over allegations he refused to provide FINRA with documents and information it requested as part of an investigation into his conduct. Tsao was most recently registered as a broker with INTE Securities.

According to a Letter of Acceptance, Waiver and Consent (No. 2018057865701) dated October 2019, FINRA staff sent Preston Tsao a request on August 7, 2019 to provide documents and information connected with an investigation into his conduct. This request was made pursuant to FINRA Rule 8210, which gives FINRA the right to require associated persons to provide information “with respect to any matter involved in the investigation, complaint, examination, or proceeding.” However, Preston Tsao stated in a phone call with FINRA on October 3, 2019, that he had received its request for documents and information, but would not produce the requested materials. As a result of the foregoing alleged conduct, Mr. Tsao was barred from associating with any FINRA member in any capacity.

Mr. Tsao’s BrokerCheck report states further that FINRA’s investigation was at one point “expanded to include the allegations” contained in his former member firm’s U5 amendment made after his voluntary resignation. According to his BrokerCheck report, that resignation took place in May 2019, and related to allegations that he “obtained a $9,000 cash advance directly from one of INTE’s clients,” but did not inform the firm of the advance or receive its approval for such before or after he received it, and that the firm “discovered it independently of Mr. Tsao.”

Preston Tsao is currently not registered with any FINRA member firm. His previous registrations include INTE Securities, MetCircle Securities, Paramount Biocapital, SCO Securities, and Sunrise Securities Corporation, all in New York, New York. He has passed four securities industry qualification examinations and currently holds no state licenses. (Information current as of April 17, 2020.)

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