The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker John Shen (Shen), currently employed by Ni Advisors has been subject to at least one disclosable event. These events include one tax lien. According to records kept by The Financial Industry Regulatory Authority (FINRA), Shen’s most recent customer complaint alleges that Shen recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts.
FINRA BrokerCheck shows a final customer complaint on September 06, 2024.
Without admitting or denying the findings, Shen consented to the sanctions and to the entry of findings that he used an unapproved social media platform to communicate relating to his securities business. The findings stated that Shen communicated with an unknown number of customers through the social media platform’s text function, including promoting investment seminars, participating in question-and-answer sessions, and providing information relating to structured notes sold through his member firm. Shen did not retain the messages and did not provide copies of them to the firm. In addition, Shen inaccurately reported on two annual compliance questionnaires that all of his electronic communications with prospective customers were through his member firm email address. Furthermore, Shen was individually warned by the firm not to use an unapproved messaging channel to communicate with customers. Shen’s misconduct caused the firm not to capture or maintain these communications, which the firm was required to do.
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