Alex Ng (CRD# 5842211) is a PHX Financial, Inc. stockbroker and investment adviser representative based in New York, New York, who is currently the subject of multiple pending FINRA customer disputes involving allegedly unsuitable investments and misrepresentation.
Stockbroker Alex Ng’s Career History
Alex Ng has spent his entire securities career in the New York market with a small number of brokerage and advisory firms:
- August 2010 – June 2022: Registered Representative, National Securities Corporation (New York, NY).
- March 2019 – May 2022: Investment Adviser Representative, National Asset Management (New York, NY).
- May 2022 – Present: Registered Representative, PHX Financial, Inc. (New York, NY).
He is currently registered as a General Securities Representative with FINRA and licensed as a securities agent in more than 40 U.S. states and territories.
Alex Ng’s Other Business Activities
According to his Form U4, Ng also reports ownership of ALEX KING NG LLC, a business he uses to pay bills for his practice, which he indicates requires approximately 10 hours per month and no time during trading hours.
Alex Ng Fraud Allegations and Investor Complaints Explained
FINRA’s BrokerCheck report for Alex Ng discloses two pending customer disputes filed in 2025, both seeking substantial damages and arising from PHX Financial customer accounts.
2025 FINRA Arbitration Claim Alleging Unsuitable Reallocation of Portfolio
In the first pending matter, a group of clients allege that, after they transferred their account to Ng at PHX Financial, he reallocated their portfolio into allegedly unsuitable investments: blue-chip stocks, sector funds, and alternative investments. The customers contend that this shift in strategy exposed them to excessive risk and losses inconsistent with their investment profiles.
Key details reported to FINRA include:
- Firm involved: PHX Financial, Inc.
- Allegations: Unsuitable reallocation of portfolio holdings into blue chips, sector funds, and alternative investments.
- Product type: Listed equities (common and preferred stock).
- Alleged damages: $500,000.
- Forum: FINRA arbitration, Docket No. 25-01852.
- Filing date: March 28, 2025 (arbitration) with the complaint received by the firm on October 6, 2025.
- Status: Customer dispute is pending; no settlement or award has been reported.
Ng has submitted a statement denying any wrongdoing, asserting that his clients’ accounts were profitable while he managed them and indicating he intends to seek expungement of the complaint once the matter is resolved.
2025 FINRA Arbitration Claim Alleging Misrepresentation, Negligence, and Breach of Fiduciary Duty
The second pending dispute also arises from Ng’s time at PHX Financial and involves even broader accusations. In that case, a client alleges:
- Misrepresentation,
- Negligent behavior, and
- Breach of fiduciary duties.
The products at issue include both listed equities and private equity investments. The customer seeks damages between $500,000 and $1,000,000, again through a FINRA arbitration proceeding.
Case details reported to BrokerCheck:
- Firm involved: PHX Financial, Inc.
- Allegations: Misrepresentation, negligence, breach of fiduciary duty.
- Product type: Listed equities and private equity.
- Damages sought: Between $500,000 and $1,000,000.
- Forum: FINRA arbitration, Docket No. 25-00598.
- Filing date: March 28, 2025; complaint received May 16, 2025.
- Status: Pending; no resolution or award reported to date.
Ng again denies all allegations, stating that the client’s account was profitable while he managed it and that he plans to pursue expungement after the arbitration concludes.
Summary of Alex Ng’s FINRA Disclosures
As of the most recent BrokerCheck report, Alex Ng’s publicly reported disclosures include:
- Customer disputes: 2 pending FINRA arbitration claims alleging unsuitable recommendations, unsuitable investments, misrepresentation, negligence, and breach of fiduciary duty involving listed equities and private equity.
- Regulatory actions: None disclosed.
- Criminal, civil, or financial events: No criminal charges, civil judgments, or bankruptcy events reported.
Investors should understand that these matters are currently unresolved. Allegations in pending FINRA proceedings have not been proven and may ultimately be denied, dismissed, or settled without any finding of liability against the broker or the firm.
To obtain a copy of Alex Ng’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 – Suitability Obligations
FINRA Rule 2111 (Suitability) requires brokers like Alex Ng to have a reasonable basis to believe that each recommended transaction or overall investment strategy is suitable for the customer in light of that customer’s investment profile—age, financial situation, risk tolerance, investment objectives, and other factors. When clients allege that Ng reallocated their accounts into concentrated positions in blue-chip stocks, sector funds, and alternative or private investments that did not match their needs, they are effectively claiming a violation of Rule 2111’s “reasonable basis” and “customer-specific” suitability standards.
If a broker recommends a strategy that exposes customers to more volatility, liquidity risk, or downside risk than their profiles support—and particularly if those recommendations generate higher commissions or fees for the broker—that conduct may be deemed unsuitable under Rule 2111 and form the basis for an arbitration claim seeking to recover losses.
FINRA Rule 2010 – Standards of Commercial Honor and Principles of Trade
FINRA Rule 2010 requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Allegations of misrepresentation, negligence, and breach of fiduciary duty go beyond mere poor judgment; they suggest conduct that may fall short of these ethical standards.
In the pending cases against Ng, the customers claim that he misrepresented or failed to fully disclose the risks and characteristics of the recommended investments and that his conduct breached duties owed to them. If a FINRA arbitration panel finds that a broker’s recommendations were dishonest, misleading, or inconsistent with fair dealing—even if they technically comply with some other rule—the panel may conclude that Rule 2010 was violated, further supporting an award of damages to investors.
FINRA Rule 2210 – Communications with the Public
FINRA Rule 2210 governs a broker’s communications with the public, including written and oral statements made to customers about securities and investment strategies. It prohibits false, exaggerated, unwarranted, or misleading statements and requires that communications provide a fair and balanced treatment of risks and potential benefits.
The customer dispute alleging misrepresentation and negligent conduct implicitly raises Rule 2210 concerns. If Ng or PHX Financial presented private equity or other securities as safer, more liquid, or more income-producing than they truly were—or omitted important risk disclosures—those communications could be deemed misleading under Rule 2210. When a communication fails to give investors a fair picture of the risks involved, and clients rely on that incomplete or biased information to approve the transaction, any resulting losses may be recoverable in investment loss claims brought through FINRA arbitration or related litigation.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
