Articles Tagged with Transamerica Financial Advisors

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FINRA has suspended financial advisors Wenru Liang (“Liang”) and Jenny Xinfang Feng (“Feng”) from the securities industry for a six-month period. Neither is currently associated with any FINRA member.

FINRA found that Liang and Feng engaged in unethical conduct between April 2017 and August 2020 by designating themselves as beneficiaries on an elderly customer’s variable annuity policy. The customer was not related to Liang or Feng. FINRA also found that they had misrepresented their relationship with the customer to the annuity company and attempted to conceal their conduct from their firm, Transamerica Financial Advisors, Inc. (“Transamerica”).

In addition to their six-month suspension, Liang and Feng were also fined $7,500 each.

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FINRA has sanctioned Transamerica Financial Advisors, Inc. (“Transamerica Financial”) for its failure to reasonably supervise its financial advisors’ recommendations of three different products – variable annuities, mutual funds, and 529 plans.  These recommendations resulted in significant customer harm and financial loss.  Transamerica Financial was ordered to pay $4.4 million in restitution to approximately 2,400 affected customers and also fined an additional $4.4 million.

Investors who have received partial restitution from Transamerica Financial through FINRA’s order may still be entitled to additional recovery.  A FINRA partial restitution order does not preclude investors from pursuing their own claims to seek restitution or other available remedies.

If you have lost money with Transamerica Financial Advisors, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP.  Iorio Altamirano LLP represents investors with disputes with their financial advisors or brokerage firms, such as Transamerica Financial Advisors, Inc.

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