In recent news, former MetLife Securities broker, Kwen Y. Chun has pled guilty to mail fraud. Chun reportedly admitted to stealing more than $650,000 from clients.
According to NorthJersey.com, since 2005, Chun was funneling money from at least eight clients to a bank account he controlled. To conceal his theft from client’s annuities and life insurance policies, Chun created fictitious account statements.
The Financial Industry Regulatory Authority barred Chun from working in the industry last August. Chun’s FINRA brokercheck report indicates he was employed at MetLife from 11/1998, until they uncovered his actions in 07/2014.
Chun Faces up to 20 years in prison and a $250,000 fine for his actions.
The White Law Group is investigating the liability that Chun’s’ employer may have for his actions, if any. When a FINRA registered broker like Chun fails to follow industry rules, the brokerage firm may be liable for negligent supervision and may be responsible for client losses in a FINRA arbitration claim.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero, Florida.
For a free consultation with a securities attorney, please call the firm’s Chicago office at (312)238-9650. For more information on The White Law Group, visit www.whitesecuritieslaw.com.