Joseph Ijong Chu, Broker with RBC Capital Markets, Facing Customer Disputes Alleging Unsuitable Concentration of Certain Investments

INVESTORS: RBC Capital Markets broker Joseph Ijong Chu is facing pending customer disputes alleging unsuitable concentration of energy sector securities.

Joseph Ijong Chu (CRD#:4546805) is registered as a broker and investment adviser with RBC Capital Markets, where he’s been employed since 2018. Previously, Chu was registered as a broker and investment adviser with Merrill Lynch from 2002 until 2018.

Chu has ten disclosures on his BrokerCheck report. Two customer disputes filed against him were denied.

July 2022 Customer Dispute
Status: Pending
Allegations: Unsuitable concentration of energy sector securities
Damage Amount Requested: $460,000.00

February 2022 Customer Dispute
Status: Pending
Allegations: Unsuitable concentration of energy sector securities.
Damage Amount Requested: $866,302.56

February 2022 Customer Dispute
Status: Pending
Allegations: Unsuitable concentration of energy sector securities
Damage Amount Requested: $500,000.00

January 2022 Customer Dispute
Status: Pending
Allegations: Unsuitable concentration of energy sector securities
Damage Amount Requested: $1,102,631.69

June 2021 Customer Dispute
Status: Pending
Allegations: Claimant contends that their financial advisor was negligent and breached their fiduciary duty by recommending unsuitable and over concentrated energy equities, and the Firm failed to supervise the same.
Damage Amount Requested: $1,000,000.00

November 2020 Customer Dispute
Status: Settled
Allegations: The claimant alleged he suffered a net loss of more than 65% of his Employee Pension IRA Account value due to the FA’s failure to properly diversify the account and by their discretionary purchase of single company stocks almost all in oil and gas or energy sectors that were not appropriate for the client’s objectives or risk tolerance.
Damage Amount Requested: $367,452.00
Settlement Amount: $182,500.00

August 2020 Customer Dispute
Status: Settled
Allegations: Claimant contends Respondent recommended unsuitable investments in oil-producing and industrial metals & materials stocks leading to an over concentration in those sectors which was outside of their investment objectives. Claimants allege the accounts declined in value from September 2018 through January 20, 2020.
Damage Amount Requested: $1,600,000.00
Settlement Amount: $500,000.00

August 2020 Customer Dispute
Status: Settled
Allegations: Claimaints are alleging that the Financial Advisor misrepresented the risk of allocation in Energy and Material sectors investments and over concentrated the Claimant’s accounts in highly volatile investments.
Damage Amount Requested: $500,001.00
Settlement Amount: $175,000.00

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