Broker Focus: Broker Peter Yao Permanently Barred from Securities Industry

Failure to respond to FINRA request for information ends Yao’s securities career

After only 8 years in the securities industry, broker Peter Yao, most recently registered with Morgan Stanley out of Seattle, Washington, has been permanently barred by FINRA. In short, this action by FINRA means Peter Yao may no longer act as a broker or otherwise associate with firms that sell securities to the public.

Why was he barred? According to the FINRA BrokerCheck website, Yao failed to respond to a regulatory agency request for information. This follows a customer dispute from July 21, 2014 in which the customer alleged that Yao abused his relationship by convincing the customer to make a loan to another customer and made false promises of repayment. In that claim, the customer requested $120,000 in damages. This dispute is still pending.

However, that’s not the only customer dispute on Yao’s record with FINRA. According to the same source, in April 2014 a customer alleged that Yao executed unauthorized trading with respect to investments from January through August 2011. In this case, the claimant requested $597,507.33 in damages. This FINRA arbitration was settled with damages granted in the amount of $190,000.

Earlier in April 2014, Yao was suspended by FINRA for failing to “comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

What does this mean to you as an investor? If you suffered financial losses at the hands of Peter Yao, or any other financial adviser, it is important for you to know that you have rights. You may be able to recover your financial losses due to your broker’s misconduct.

If you feel your broker has acted inappropriately, a knowledgeable securities attorney may be able to help you recover financial losses incurred due to such behavior. The key is to select an experienced securities attorney well versed in securities arbitration, and one with a strong track record in successfully recovering client losses.

The attorneys at Silver Law Group represent investors nationwide and are committed to helping investors recover investment losses through stockbroker misconduct. Our consultations are free and the firm is compensated only when we are successful in recovery. Contact us today to discuss your rights as an investor.