Andy Yip – Fan Kam Yip, Financial Advisor Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Fan Kam Yip, Andy Yip, CRD #4775948
Andy Yip was previously licensed with Raymond James Financial Services, Inc. ACCORDING TO FINRA: FINRA reports that Andy Yip was suspended from the securities industry in September 2017. Yip consented to the sanctions and to the entry of findings that he participated in a private securities transaction without disclosing it to his member firm as required. The findings stated that Yip solicited a firm customer to invest in a weight management start-up company. Yip facilitated the customer’s investment in the company by conducting research, conducting site visits of potential storefront locations, and helping to complete the required paperwork for the investment. Ultimately, the customer invested $50,000 in a subordinated convertible promissory note with a two-year maturity date. Andy Yip received a $3,000 finder’s fee from the issuer in connection with the transaction. As a result of Andy Yip’s actions, the firm terminated Yip’s employment and partially reimbursed the customer for her losses. Andy Yip agreed to indemnify his former co-branch manager for the firm’s payment to the customer. The findings also stated that in annual firm compliance questionnaires for 2014 and 2015, Andy Yip indicated that he understood that private securities transactions away from the firm were prohibited without prior approval, and, in his 2015 firm compliance questionnaire, Andy Yip affirmed that he transacted all of his securities business through the firm.
According to Andy Yip’s CRD, Andy Yip was discharged from Raymond James Financial Services, Inc. in 2016. According to Andy Yip’s CRD, Andy Yip was allegedly terminated for activity related to a client-initiated litigation involving an investment sold away from the Firm.
If you lost money on investments with Andy Yip and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Andy Yip’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Andy Yip and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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