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
Disclosure History
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.
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