(FINRA Case #2011026346206)
Jaoshiang Luo (CRD #2143876, Flushing, New York) was barred from association with any FINRA member in any capacity and ordered to pay $109,769.88, plus prejudgment interest, in restitution to customers. The NAC (National Adjudicatory Council) modified the sanctions following appeal of an OHO (Office of Hearing Officers) decision. The sanctions were based on findings that Luo made material misrepresentations and omissions in connection with the sale of high interest rate promissory notes issued by his member firm’s parent company.
The findings stated that Luo sold the high interest rate promissory notes to two unsophisticated investors with conservative risk tolerances and investment objectives without a reasonable basis for determining that the notes were suitable for any investor or for these specific investors.
Additionally, Luo made material misrepresentations and omissions concerning the risks of the notes in connection with the sales to these customers. As a result of his conduct, Luo violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and FINRA Rule 2020.
Due to the allegations Luo was permitted to resign from Clark Dodge & Company in October 2014. After his resignation he worked for Columbus Advisory Group LTD.
If you feel you have been misled or taken advantage by Jaoshiang Luo or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.