Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on December 2, 2016 indicate that former California-based USA Financial Services broker Terry Xu is currently not affiliated with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Xu (CRD# 5049038).
Terry Xu has spent ten years in the securities industry and was most recently registered with USA Financial Services in San Francisco, California (2016). He was previously registered with Thrivent Investment Management in San Francisco, California (2005-2016). Mr. Xu is currently not registered with any state or firm.
According to his BrokerCheck report, Terry Xu has received one customer complaint and is the subject of two pending regulatory investigations. He was also terminated from two prior employers.
In October 2016 Terry Xu was terminated from his position at USA Financial Services in connection with the allegations that he participated in the “Violation of written supervisory procedures with respect to undisclosed outside business activities, use of unapproved client correspondence, and failure to promptly disclose a FINRA investigation/enforcement action.”
In August 2016 FINRA launched an investigation into Terry Xu in connection with the following allegations: “After Mr. Wu was terminated from his prior B/D, FINRA initiated an investigation. We received notice that the Investigation Unit had completed it’s review and the matter was referred to enforcement. Mr. Wu did not inform USA Financial Securities of the investigation.”
In February 2016 FINRA launched an investigation into Terry Xu in connection with the following allegations: “8210 Request filed as a result of Thrivent’s Form U5 Termination.”
In January 2016 he was terminated from his position at Thrivent Investment Management in connection with the allegations that he participated in the “Violation of Firm policies regarding Public Appearances and Outside Business Activities.”
In 2013 a customer alleged he, while employed at Thrivent Investment Management, did not follow her instructions with respect to a variable annuity investment. The complaint settled for more than $7,500.
FINRA rules stipulate that brokers like Terry Xu may not engage in outside business activities without providing written notice to their employer. Specifically, FINRA Rule 3270 states: “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” Brokers who violate this rule may be subject to disciplinary activity.
If you have complaints regarding Terry Xu, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover 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.