Former Cetera Broker Rebecca Ng-Tsang Involved in New Investor Dispute

Rebecca Ng-Tsang (CRD# 5578435[1]), formerly a broker registered with Cetera Investment Services, is involved in investor disputes, according to her Financial Industry Regulatory Authority (FINRA) BrokerCheck record. Accessed on July 3, 2023, this record notes that she was last registered as a broker in Bellevue, Washington.

REIT, Annuity Disputes Seek $400,000

Ms. Ng-Tsang is involved in two investor disputes, as disclosed by FINRA records. Filed between 2022 and 2023, the disputes allege that she recommended unsuitable fixed annuity investments and misrepresented a real estate investment trust (REIT) product. These disputes seek damages of at least $400,000.

Firm Settled Past REIT Dispute

A past investor dispute involving Ms. Ng-Tsang also stemmed from an REIT investment. Filed in 2017, this claim alleged that she misrepresented material information regarding the product. Her former member firm settled the dispute for more than $22,900.

What Is FINRA Rule 2111?

FINRA Rule 2111 states that brokers are prohibited from recommending unsuitable investments, that is, products or strategies out of line with an investor’s profile: a set of information including their age, net worth, income, investment background and objectives, risk tolerance, and more. Brokers must conduct reasonable diligence into a client’s profile in order to evaluate whether an investment recommendation is suitable.

To illustrate, a non-traded real estate investment trust (REIT[2]) would probably be considered unsuitable for a customer with a short-term investment horizon, high liquidity needs, and a conservative risk tolerance.

FINRA rules also state that brokers must provide investors with full, accurate information about their investment recommendations, as misrepresentations or omissions can lead investors to make unsuitable investments.

Background and Qualifications

Rebecca Ng-Tsang is not currently registered as a broker or investment adviser, according to her FINRA BrokerCheck report. Her last registration was with Cetera Investment Services’ branch office in Bellevue, Washington, where she worked from 2013 until 2021. Before joining Cetera, she worked at LPL Financial, UVest Financial Services Group, and PrimeVest Financial Services. With 12 years of experience as a broker, she has passed two state securities law exams and five general industry/products exams.

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