CLIFF TIAN YU LIANG is currently employed as a Broker and/or Investment Adviser at FSC SECURITIES CORPORATION located at 2209 IRVING STREET, SUITE 206, SAN FRANCISCO, CA, 94122.
CLIFF TIAN YU LIANG has worked at FSC SECURITIES CORPORATION since May 17, 2016
CLIFF TIAN YU LIANG has 1 Disclosure Event(s).
Date: March 24, 2016 Category: Employment Separation After Allegations Firm Name: JPMCHASE BANK Termination Type: Discharged Allegations: Registered representative revised a customer's cost comparison worksheet and attached a previously signed signature page to the revised comparison worksheet. The previously signed signature page related to the earlier version of the worksheet and was used with the customer's consent and authorization. The revision to the worksheet did not change the investment recommendation, which was authorized by and suitable for the client. Broker Comment: This letter addresses the circumstances surrounding Mr. Liang's termination from JP MorganSecurities and his Form U5, which states: Registered representative revised a customer's costcomparison worksheet and attached a previously signed signature page to the revised comparisonworksheet. The previously signed signature page related to the earlier version of the worksheet andwas used with the customer's consent and authorization. The revision to the worksheet did notchange the investment recommendation and there was no customer harm as of date of this filing.The above-referenced matter concerns two mutual fund transactions for which two "Client CostComparison" worksheets were prepared and one signature page was submitted. Mr. Liang's supervisor informed him that there was an error on the worksheets and that each worksheetrequired a signature page and so Mr. Liang undertook to correct it. As noted in the above-quotedForm U5, the information to be corrected did not change the investment recommendation and therewas no customer harm. That is because the trade was and is suitable, a fact which Mr. Liang'sformer employer did not (and cannot) deny. In fact, the customer, who has never complained, stillowns the mutual funds and is satisfied with the investments. Mr. Liang made the correction to theworksheet, and, per instructions from his supervisor, submitted an additional signature page so thateach worksheet would have a corresponding signature page. Mr. Liang went over the revisions withthe customer and had him sign a second worksheet as he already had one of the worksheets signed.Because Mr. Liang did not get two new signatures, his former employer used this incident as a basisfor his termination. Mr. Liang, for his part, was understandably astonished because the prior ororiginal signature as to which his former employer objected, was for the same transaction inquestion. He had merely revised the worksheet for that transaction, with the client's consent andauthorization, which the above-quoted Form U5 concedes. Mr. Liang also stood ready to get anothernew signature had his former employer requested that he do so. Further, this clearly was NOT acase of having a batch of unsigned forms in his file cabinet, something Mr. Liang has never done norwould he ever do. For all of the foregoing reasons, the facts and circumstances surrounding Mr.Liang's termination clearly do not pose any regulatory concerns. Indeed, Mr. Liang has a spotlessrecord, i.e., not a single customer complaint or regulatory action.
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
To view the full report for CLIFF TIAN YU LIANG, click here.
If you discover any errors or outdated information on this Website, please contact us and we will promptly correct such errors or outdated information.
If BrokerCheck® is the source of such errors or outdated information, please contact FINRA at (301) 590-6500.
Brokersearch.info will not fully remove items from this Website without an applicable court order designating them for removal. Investors rely on the information available on this Website to decide whether to choose or retain a broker or investment adviser.
Upon written request, we may remove certain page(s) from appearing in search engine results using the robots.txt protocol.
When a person searches for your name using Google, Bing, Yahoo! and other search engines the page(s) from Brokersearch.info would not appear in the search results.
Please contact us to learn more about Search Engine Removal.
How to choose a broker or investment adviser. Learn More