Lu allegedly was named as the beneficiary of 75 percent of the woman’s estate.
The Sonn Law Group is investigating allegations that Steve Jun Lu committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Steve Jun Lu (CRD#: 6856088) voluntarily resigned from JP Morgan in April 2018. The allegations stated that Lu voluntarily resigned, “while under internal review for accompanying an elderly customer to affiliate bank branches, allegedly attempting to open an affiliate bank account with a registered rep as co-trustee and beneficiary on the account.”
These allegations led FINRA to open an investigation into Lu’s conduct. On March 23, 2020, a Wells Notice was issued by FINRA stating that a preliminary determination had been made to recommend disciplinary action against Lu for allegedly violating FINRA Rule 2010 by, “persuading an individual to enter into a power of attorney naming him as attorney-in-fact with broad powers over her financial affairs and to appoint him as co-trustee over her assets.”
The notice also stated that at the time the power of attorney was executed, the individual was cognitively impaired. Lu also allegedly named himself as the beneficiary of 75% of the individual’s estate in the trust agreement.
According to the notice, “Lu’s actions violated his member firm’s supervisory procedures, which prohibited registered representatives from serving as a fiduciary for non-family members. Lu also made multiple attempts to open an account for the individual’s trust at a bank that was an affiliate of his firm, repeatedly lying to the firm and bank personnel about his relationship with the individual.”
On April 7, 2020, Lu signed a Letter of Acceptance, Waiver and Consent to settle his alleged rule violations. Lu consented to being barred from associating with any FINRA member in any capacity.
The Letter confirmed the findings made by FINRA in their previous investigation.
Contact Us Today
The Sonn Law Group is currently investigating allegations that Steve Jun Lu committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.