DEREK CHAN is currently employed as a Broker and/or Investment Adviser at MML INVESTORS SERVICES, LLC located at WING MING BUILDING, 2 MOTT STREET- 9TH FLOOR, NEW YORK, NY, 10013.
DEREK CHAN has worked at MML INVESTORS SERVICES, LLC since March 25, 2017
Disclosure History
DEREK CHAN has 3 Disclosure Event(s).
Date: May 22, 2007 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT FINANCIAL ADVISOR PURCHASED ALL TECH STOCKS FOR THEIR PORTFOLIO AND "FAILED TO DIVERSIFY" UPON THEIR REQUEST INSTEAD "PURCHASING HIGH RISK STOCKS." CLIENT FURTHER ALLEGES THAT FINANCIAL ADVISOR "HANDLED THE CLIENTS PORTFOLIOS IN A RECKLESS AND UNPROFESSIONAL MANNER." ALLEGED DAMAGES ESTIMATED TO BE IN EXCESS OF $5,000. TIME FRAME: 2000 - 2003. Broker Comment: THE CLIENT'S ARE A FAMILY OF HIGH-NET WORTH BUSINESS PEOPLE WHO HAVE SUFFICIENT ASSETS TO HAVE THEIR BROKERAGE ACCOUNT REPRESENT THE RISK PORTION OF THEIR PORTFOLIO. THE CLIENT'S WERE WELL AWARE OF THE RISKS ASSOCIATED WITH THEIR INVESTMENTS AND IN MANY CASES CALLED TO PURCHASE STOCKS THEY RESEARCHED THEMSELVES. THE FAMILY OWN'S AT LEAST THREE BUSINESSES WITH OTHER ASSORTED ASSETS OUTSIDE OF THEIR STOCK PORTFOLIO.
Date: June 17, 2003 Category: Customer Dispute Allegations: CLIENT ALLEGES MISREPRESENTATION, BREACH OF FIDUCIARY DUTY AND FALSE STATEMENTS. TIME PERIOD: 8/00 - 12/02, Damage Amount Requested: $50,000.00 Broker Comment: THE CLIENT WAS NOT MY CLIENT. IT WAS AN INHERITED ACCOUNT FROM A FINANCIAL ADVISOR WHO LEFT THE FIRM. I HAD NOT RECOMMENDED THE PURCHASE OF ANY SECURITIES TO SAID CLIENT.
Date: November 03, 2000 Category: Customer Dispute Allegations: CLIENT ALLEGES THAT BROKER CHURNED HIS ACCOUNT AND PROVIDED LESS THAN FULL DISCLOSURE CONCERNING MARGIN LIABILITIES. TIME PERIOD FEBRUARY 2000 - SEPTEMBER 2000. Damage Amount Requested: $325,000.00 Broker Comment: THE VALUE OF THE CLIENT'S ACCOUNT IN COMPARISON TO THE CLIENT'S NET WORTH FALLS WELL WITHIN THE GUIDELINES OF SUITABILITY TO BE ALLOCATED TO A RISK PORTFOLIO. THE CLIENT HAS ALSO USED MARGIN TRADING IN TWO OF HIS OTHER BROKERAGE ACCOUNTS PRIOR TO OPENING AN ACCOUNT WITH ME. HE IS WELL AWARE OF THE RISKS INVOLVED IN MARGIN TRADING AND HAS BEEN AN AGGRESSIVE INVESTOR IN THE PAST.MEDIATION WAS UNSUCCESSFUL, AND WE HAVE NOT HAD FURTHER CONTACT FROM CLIENT'S ATTORNEY.
More Information
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