Advisor Alert: Our Attorneys Are Investigating Lei Shen For Investment Fraud
Did You Lose Money Because of Lei Shen?
Filed: March 11, 2024
Lei Shen (also known as Peter Shen) currently has one (1) pending customer complaint. Overall, he has been the subject of three (3) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Lei Shen.
Who Is Lei Shen of NI Advisors?
- Advisor Name: Lei Shen
- Aliases: Peter Shen
- CRD: 5769894
- Location: Orange, California
- Current Employer: NI Advisors
- Previous Firms: Independent Financial Group, LLC, LPL Financial LLC, and Cetera Investment Services LLC
- Number of Known Customer Complaints: 3
- Can Lei Shen Be Sued: Yes, in Private Arbitration
- Can Lei Shen’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $1,500,000
- Highest Settlement: $625,000
If you have suffered investment losses by Lei Shen, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Lei Shen For Broker Misconduct
As of this publication date, Lei Shen has been the subject of 3 customer disputes. Let’s review them below.
In January 2023, a FINRA arbitration was filed against or in reference to Lei Shen by a customer of Independent Financial Group, LLC alleging that investments were not suitable and were not in line with their investment objectives, that they were over concentrated and that there was not a reasonable basis for the recommendation or the strategy employed. Per the customer, he/she lost over $1,500,000 because of Mr. Shen’s actions. As of this publication date, this claim remains pending.
In August 2021, a FINRA arbitration was filed against or in reference to Lei Shen by a customer of LPL Financial LLC alleging that investments were not suitable. Per the customer, he/she lost over $950,000 because of Mr. Shen’s actions. On August 9, 2022, Mr. Shen settled the claim for $625,000, and some or all of this amount may have been paid by Mr. Shen’s employer and/or insurance carrier.
In August 2014, a complaint was filed against or in reference to Lei Shen by a customer of Cetera Investment Services LLC alleging that she was promised a 20% return in 1 year and that her principal was guaranteed. On December 23, 2015, Mr. Shen settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Shen’s employer and/or insurance carrier.
How To File A Claim Against Lei Shen of NI Advisors (previously with Independent Financial Group, LLC, LPL Financial LLC, and Cetera Investment Services LLC) To Get Your Money Back
If you have questions about Lei Shen, NI Advisors, Independent Financial Group, LLC, LPL Financial LLC, Cetera Investment Services LLC, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.