Public records provided by the Financial Industry Regulatory Authority (FINRA) on March 19, 2018 indicate that former Illinois-based KCD Financial broker/adviser Choosri Lao has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ms. Lao (CRD# 4439433).
Choosri Lao has spent 12 years in the securities industry and was most recently registered with KCD Financial in Tinley Park, Illinois (2016-2017). Previous registrations include Cetera Advisors Networks in Tinley Park, Illinois (2014-2015); Questar Capital Corporation in Tinley Park, Illinois (2010-2012); and Pruco Securities in Frankfort, Illinois (2001-2008). She has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which she obtained on May 3, 2002; Series 63 (Uniform Securities Agent State Law Examination), which she obtained on September 13, 2001; Series 7 (General Securities Representative Examination), which she obtained on January 27, 2003; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which she obtained on 30, 2001. She is currently not registered with any state or firm.
According to her BrokerCheck report, Choosri Lao has been sanctioned by FINRA and discharged from a former employer in connection to alleged rule violations.
In March 2018 FINRA sanctioned her in connection to allegations that from January 2013 until April 2014, she performed services for which she should have been registered with a FINRA member firm, though she was not registered with any FINRA member firm. According to FINRA’s findings, she participated in the sale of roughly 32 alternative investments to 26 customers; these sales were processed through a representative at a FINRA member firm. Though the degree of her involvement varied by customer, in certain instances her role included “assessing a customers’ suitability and making an investment recommendation,” and she received payments of approximately $102,000 from the registered representative, at such a time that she was not registered. FINRA states further: “Lao did not become registered with the firm until April of 2014. After she was registered, the registered representative continued to make payments to her until November of 2015, totaling an additional $23,250.” Though the payments were “ostensibly for education and training related to alternative investments,” they were in fact related to Lao’s “active role in the registered representative’s securities business and to entice [her] to eventually register and become her business partner.” She was issued a two-month suspension and a fine of $5,000.
In 2015 she was terminated from her position at Cetera Advisor Networks in connection to allegations she failed to cooperate during an internal review and used an unapproved email address to conduct securities-related business.
If you or someone you know has a complaint regarding Choosri Lao, call the attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.