California Insurance Department

Respondent failed to disclose the above-mentioned November 18, 2022 FINRA action on respondent's insurance producer license renewal application submitted on or about May 21, 2024

Order

Suspension

Registrant's insurance license suspended from 4/28/25 - 5/11/25

14 days

4/28/2025

5/11/2025

.

I misinterpreted a question on an insurance license renewal application and did not disclose a matter that I had previously reported to other regulators and had no intention of hiding.

FINRA

Without admitting or denying the findings, Lau consented to the sanctions and to the entry of findings that he exercised discretionary trading authority to effect trades in customer accounts without first obtaining written authorization from the customers and his member firm to treat the accounts as discretionary. The findings stated that the customers did not provide Lau with prior written authorization for his use of discretion, and the firm did not approve the accounts as discretionary accounts.

Acceptance, Waiver & Consent(AWC)

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

$6,000.00

Suspension

All Capacities

20 Days

11/21/2022

12/10/2022

Morgan Stanley Smith Barney, LLC

Discharged

Allegations regarding representative's compliance with pre-trade client confirmation requirement in connection with certain trades in non-discretionary accounts.