UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Chingyuan "Gary" Chang ("Respondent" or "Chang"). The Commission finds that these proceedings arise out of Chang's fraudulent misappropriation of brokerage customer and advisory client assets while employed as a registered representative and investment adviser representative at a large financial institution registered with the Commission as a broker-dealer and an investment adviser ("Financial Institution A"). From September 2021 through June 2022 (the "Relevant Period"), Chang misappropriated approximately $58,560 from four customers and/or clients by initiating unauthorized Automated Clearing House ("ACH") disbursements from their accounts at Financial Institution A to his personal accounts at two online payment applications. In some of the instances, Chang sold securities in the customer accounts shortly before making the fraudulent transfers to himself. As a result of the conduct described herein, Chang willfully violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and Sections 206(1) and 206(2) of the Advisers Act.

Order

Bar (Permanent)

Association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO

Indefinite

12/26/2023

Participating in any offering of a penny stock

Indefinite

12/26/2023

Cease and Desist

Civil and Administrative Penalty(ies)/Fine(s)

$58,560.00

Prohibition

FINRA

Without admitting or denying the findings, Chang consented to the sanction and to the entry of findings that he refused to appear for and provide on-the-record testimony requested by FINRA in connection with its investigation of allegations made in a Form U5 filed by his member firm disclosing that it had discharged Chang for concerns regarding his misappropriation of funds from client accounts.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

12/19/2022

MORGAN STANLEY SMITH BARNEY

Discharged

Concerns regarding representative's misappropriation of funds from client accounts.