Fremont Broker AiRung Liu Involved in FINRA Arbitration Complaint

High Valley Financial Planning Services broker AiRung Liu (CRD# 4661602[1]) is embroiled in a pending customer dispute. According to her Financial Industry Regulatory Authority (FINRA) BrokerCheck report, accessed on March 25, 2022, she is currently based in Fremont, California. High Valley Financial Planning Services offers securities through Securities America, according to the firm’s website[2].

Customer Complaint Alleges $50,000 Damages

In December 2021 a customer alleged Ms. Liu “recommended an investment that was not suitable” for them. The complaint remains pending, with the claimant alleging $50,000 in damages.

2008 Complaint Involving AiRung Liu Settled for $275,000

Ms. Liu’s BrokerCheck report also discloses a 2008 customer complaint alleging that an auction rate securities investment was “represented… as a liquid investment.” This complaint settled with the repurchase of the securities at par value, for $275,000. A “Broker Statement” on the disclosure notes that the complaint involves the sale of auction rate securities (ARS) prior to the breakdown in liquidity in the market for ARS. “The financial advisor did not cause, contribute, or have any control whatsoever over these market events,” the statement reads.

Understanding FINRA’s Suitability Standards

The pending customer complaint on Ms. Liu’s BrokerCheck report alleges one of the most common forms of broker misconduct: the recommendation of unsuitable investments, that is, investments that are considered inappropriate for the customer’s individual background and circumstances. FINRA Rule 2111[3] describes three primary types of suitability. One is “reasonable-basis suitability,” under which a broker must have a reasonable basis to believe an investment or strategy is suitable for “at least some investors.” A second is “customer-specific suitability,” under which a broker must have a reasonable basis to believe the investment or strategy is suitable for the customer to which they’re recommending it. Finally, “quantitative suitability” requires a broker with “actual or de facto control over a customer account” to avoid effecting a series of trades that may be “suitable when viewed in isolation” but are “excessive and unsuitable” when taken as a whole. More information on the suitability standard is available via FINRA[4].

AiRung Liu Based in Fremont, California

AiRung Liu is currently a representative of High Valley Financial Planning Services, which offers securities through Securities America. She has been registered with Securities America’s Fremont, California office since 2019. In the past, she worked at firms like Cambridge Investment Research, HSBC Securities, and Morgan Stanley[5]. She has passed four securities industry exams, according to FINRA, and has 13 state securities licenses. For more information on her career in the securities industry, visit her FINRA-maintained BrokerCheck report[6]. (The above-referenced information was accessed on March 25, 2022.)

Investment Losses? You May Have Options

Current or former clients of AiRung Liu with complaints about their investments may have recovery options. If you lost more money than you could afford to lose, contact MDF Law to discuss whether it may be appropriate to file a FINRA arbitration proceeding. MDF Law’s attorneys have decades of experience recovering tens of millions in investment losses for their clients, and they currently offer free consultations. Call 800-767-8040 to speak with our team today.