FINRA

Respondent Leong failed to respond to FINRA requests for information.

Letter

Bar (Permanent)

All Capacities

Indefinite

10/31/2022

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated July 27, 2022 and August 24, 2022, respectively, on October 31, 2022, Leong is barred from association with any FINRA member in all capacities. Leong failed to request termination of her suspension within three months of the date of the Notice of Suspension; therefore, she is automatically barred from association with any FINRA member in all capacities.

$49,843.59

Tax

Lien filed by the IRS regarding their claim of back taxes owed which is in the process of being disputed. It is resulting from extension tax filings for 2011 when I made very little income. I am in the process of hiring a firm, BC Tax, to represent me on this matter with the IRS to clarify and negotiate the correct amount of taxes owed based on filing amended tax returns for 2011. The IRS based their calculations of taxes owed on income reported in prior years when I had higher income. The matter will be cleared once I file an amended 1040 for 2011 which will show to the IRS that my itemized deductions and child tax credits reduces my income to a much lower amount of taxes owed.

CUSTOMERS ALLEGES REGISTERED REP PLACED HER IN UNSUITABLE INVESTMENT FUND AGAISNT HER OBJECTIONS

$52,111.39

$62,500.00

THIS WAS SETTLED FOR CONVENIENCE BY MY FORMER FIRM. THE RECOMMENDATION WAS SUITABLE BASED ON THE CLIENT SPECIFICALLY ASKING TO HAVE THE REMAINING UNUSED PROCEEDS OF $60,000 FROM HER DECEASED SPOUSE'S LIFE INSURANCE POLICY TO BE INVESTED FOR THE BENEFIT OF HER CHILDREN. BASED ON HER REQUEST, I RECOMMENDED A SINGLE PREMIUM LIFE CONTRACT WHICH PROVIDED FOR A $129,000 DEATH BENEFIT PAYABLE TO HER CHILDREN FOR A $60,000 DEPOSIT. THE CLIENT SIGNED DISCLOSURE ACKNOWLEDGING THE MARKET RISKS AND SURRENDER CHARGES RELATED TO THIS CONTRACT. WHEN THE MARKET WAS RISING, THE CLIENT WANTED TO LIQUIDATE A CD IN AN IRA TO MAKE AN ADDITIONAL INVESTMENT INTO MUTUAL FUNDS HELD IN AN IRA. I RECOMMENDED AGAINST THIS. HOWEVER, WHEN THE MARKET WENT INTO DECLINE, THE CLIENT PANICKED AND LIQUIDATED THE EXISTING MUTUAL FUND POSITION THUS LOCKING IN A LOSS. THIS WAS STRICTLY A CASE OF A CLIENT BEING UPSET OVER LOSING MONEY IN A WIDESPREAD MARKET DOWNTURN DESPITE THE ORIGINAL RECOMMENDATIONS BEING SUITABLE INCLUDING ALL DISCLOSURES AND RISKS BEING FULLY DISCUSSED AND UNDERSTOOD BY THE CLIENT.