According to a FINRA disciplinary actions announcement, Wei-Sheng Wang (CRD #2253377, Warren, New Jersey) recently submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Wang consented to the described sanction and to the entry of findings that he and his wife, a non-registered individual, accepted currency in excess of $130,000 from customers of his member firm’s affiliate insurance company for traditional life insurance product premium payments. The findings stated that Wang, with his wife’s assistance, intentionally structured cash deposits received from customers through personal bank accounts his wife controlled in increments of less than $10,000 to avoid Federal reporting requirements. Checks Wang’s wife drew on these personal accounts were then made payable to the firm’s affiliate insurance company in payment of customer life insurance premiums. By depositing customer funds into personal bank accounts his wife controlled, Wang commingled personal funds with customer funds.
The firm’s written policies proscribed structuring, required timely and accurate reporting of currency transactions, and strictly prohibited accepting customer cash and then writing personal checks in payment of the currency transactions. The firm’s written policies also clearly prohibited the commingling of customer cash with personal funds. Wang certified that he read the firm’s written policies and attended training the firm provided, instructing on the firm’s anti-money laundering program and the proper handling of cash received from customers in payment of traditional life insurance premiums.
The findings also stated that Wang submitted false information on insurance applications, which were approved by the insurance company and on which he earned commissions. Wang knowingly submitted an insurance application containing false information regarding the insured’s income, net worth and occupation, and knowingly submitted an insurance application bearing a policy delivery date later in time than when the insured reviewed and signed the application. As a result of this misdating, the insured’s medical history disclosure information was false as of the delivery date.
For full findings, see FINRA Case #2013037816101.
According to Wang’s FINRA Broker Report, he was employed by NY Life Securities from September 1992 through July 2013.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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