Investor Alleges Sara Ng Misrepresented and Omitted Facts

Sara Ng (CRD #: 2701165), a broker formerly registered with Primex, allegedly misrepresented investments, according to her BrokerCheck record, accessed on July 1, 2022. Read on if you have questions about Sara Ng’s conduct as a broker.

Pending Dispute

On April 8, 2022, an investor alleged that Sara Ng misrepresented and omitted facts related to iShares Global Infrastructure Exchange Traded Fund (IGF) on April 5, 2016, and GPB Capital Holdings (GPB), on May 12, 2016. The client seeks $177,500 in this pending dispute.

FINRA Rule 2020

Misrepresentation and omission of facts violate FINRA Rule 2020, which bans the use of manipulation, deception, and other fraudulent means of influencing the purchase and sale of securities.

Tax Lien

In 2019, Sara Ng became the subject of a $269,000 tax lien.

Settled Suitability Disputes

From 2017 to 2021, Sara Ng was named in four disputes alleging she recommended and misrepresented unsuitable investments during a collective time frame of 2011-2015. 

These investors received settlements totaling $299,480. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consider the information in their client’s profile, such as the investor’s risk tolerance, age, and investment goals.

Investors who rely on their brokers for investment recommendations may be able to recover their losses through FINRA arbitration.

Suspension by FINRA

On November 27, 2018, Sara Ng consented to the entry of findings that she distributed a letter containing promissory and misleading statements about an unnamed fund, as well as her own misleading comments about the fund’s prospects, to approximately three dozen clients of Financial West Group.

According to a letter of Acceptance, Waiver & Consent (AWC), on August 5, 2015, the manager of the unnamed fund reached out to Sara Ng regarding a private offering conducted by the fund. The letter allegedly stated that investors who subscribed to the fund before it closed on August 15 would receive a “5% special distribution” and an “8% preferred rate,” and would later receive a “20% gain on their investment” from fund liquidation.

From August 5-13, Sara Ng allegedly forwarded this letter to 33 clients without firm approval. She allegedly added the following commentary in her email: “[o]ur hotel fund raising is one year ahead of schedule, it is closing on or before Aug 15, if you want to make extra money, please call me asap.”

The AWC concludes that by allegedly promising certain distributions and projecting the fund’s return for clients, Sara Ng violated FINRA Rules 2210 and 2010.

FINRA Rules 2210 and 2010

FINRA Rule 2210 restricts how brokers and firms can communicate with the public. All communications with the public must be approved by firm supervisors and must provide investors with a sound and reasonable basis of information with which to evaluate investments.

Violations of FINRA Rule 2210 automatically violate FINRA Rule 2010, which holds brokers to high standards of professional conduct and ethical behavior.

Discharge from Axiom Capital Management

On September 8, 2016, Axiom Capital Management fired Sara Ng for allegedly violating firm policies and procedures concerning email correspondence.

Resignation from Financial West Group

On October 19, 2015, Sara Ng resigned from Financial West Group allegedly following heightened supervision related to a potential violation of firm policy regarding marketing investments to firm clients.

Background Information

Sara Ng has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 3 – National Commodity Futures Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

In the past, she has worked for the following firms:

• Primex (CRD#:29394)
• Westpark Capital (CRD#:39914)
• Moloney Securities Company (CRD#:38535)
• Axiom Capital Management (CRD#:26580)
• Financial West Group (CRD#:16668)
• Berthel, Fisher & Company Financial Services (CRD#:13609)
• Wachovia Securities (CRD#:19616)
• Gruntal & Company (CRD#:372)
• Dean Witter Reynolds (CRD#:7556)
• American Express Financial Advisors (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Sara Ng and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.