STEVEN SHAOTSUNG CHANG is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 14103 WINCHESTER BLVD STE G, LOS GATOS, CA, 95032.
STEVEN SHAOTSUNG CHANG has worked at LPL FINANCIAL LLC since September 15, 2014
STEVEN SHAOTSUNG CHANG has 2 Disclosure Event(s).
Date: August 31, 2009 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE THAT RESPONDENTS RECOMMENDED INVESTING IN AN ANNUITY, WHICH WAS UNSUITABLE GIVEN THAT THEY WOULDN EED CASH WITHIN TWO YEARS TO PURCHASE A HOME. THE PURCHASE OF THE ANNUITY RESULTED IN ADVERSE TAX CONSEQUENCES AND WAS TAXED AS ORDINARY INCOME RATHER THAN AS CAPTIAL GAINS. CLAIMANTS REQUEST: WAIVER OF ALL ANNUITY SURRENDER PENALTIES, REIMBURSEMENT OF THE SURRENDER PENALTY, REFUND OF FINANCIAL PLANNING FEE AND FILING FEE. THE TOTAL RELIEF REQUESTED IS $24,115.85. Damage Amount Requested: $24,115.85 Settlement Amount: $13,500.00 Broker Comment: AMERIPRISE CHOSE TO SETTLE THIS MATTER IN ORDER TO AVOID THE COSTS ASSOCIATED WITH ARBITRATION. I WAS DISMISSED FROM THE CASE AS A PART OF THE SETTLEMENT AND I CONTRIBUTED NOTHING TO THE SETTLEMENT AMOUNT.
Date: February 08, 2007 Category: Customer Dispute Allegations: THE CLIENTS ALLEGED LACK OF DISCLOSURE AND SUITABILITY ASSOCIATED WITH THE VARIABLE ANNUITY. THEY HAVE REQUESTED THE FIRM WAIVE THE SURRENDER CHARGE AND TO RETURN THE FINANCIAL PLANNING FEES. THEY WOULD ALSO LIKE TO BE COMPENSATED FOR POTENTIAL TAX LIABILITIES ASSOCIATED WITH CANCELLING THE VARIABLE ANNUITY. Damage Amount Requested: $33,800.00 Broker Comment: IT APPEARS THE INVESTMENT RECOMMENDATIONS WERE SUITABLE. THE CLIENT RECEIVED THE FINANCIAL PLAN HOWEVER THE CLIENT DID NOT RECEIVE THE ANNUITY CONTRACT FOR REVIEW AND ACCEPTANCE. ALTHOUGH THERE WERE DELAYS ON THE ACCOUNT TRANSFERS THEY APPEARED TO BE A RESULT OF AN OWNERSHIP ERROR AT THE THIRD PARTY. THE FIRM OFFERED TO FREE LOOK THE ANNUITY POLICY HOWEVER THE CLIENT DID NOT RESPOND TO THE FINAL OFFER.
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