FINRA Bars Anthony Tianfeng Cheng for Refusing to Provide Records in Outside Business Activity Investigation
The Financial Industry Regulatory Authority (FINRA) has barred Anthony Tianfeng Cheng (CRD #6242405) of Milpitas, California, from associating with any FINRA member firm in any capacity after he refused to provide documents and information during a regulatory investigation.
On February 2, 2026, FINRA issued a Letter of Acceptance, Waiver, and Consent (AWC) under Case #2025087880501. Without admitting or denying the findings, Cheng consented to the sanction and to the entry of findings.
Investigation into Undisclosed Outside Business Activities
According to FINRA, the investigation focused on whether Cheng engaged in undisclosed outside business activities (OBAs).
FINRA rules require registered representatives to disclose outside business activities to their member firms so that firms can supervise potential conflicts of interest and ensure compliance with securities regulations. Undisclosed OBAs can expose investors to risks, particularly when those activities involve investments or financial services conducted outside firm oversight.
Refusal to Provide Requested Documents
As part of its investigation, FINRA requested documents and information from Cheng pursuant to its authority under FINRA Rule 8210.
The findings state that Cheng refused to provide the requested materials. A refusal to comply with FINRA’s requests is considered a serious violation because it prevents the regulator from fully evaluating potential misconduct and protecting investors.
As a result of his refusal to cooperate, Cheng was permanently barred from associating with any FINRA member firm in all capacities.
Importance of Disclosure and Transparency
Disclosure of outside business activities is a key component of investor protection. When brokers fail to disclose such activities, firms may be unable to supervise their conduct or identify conflicts of interest that could impact clients.
Regulators rely on cooperation from registered representatives to investigate these matters and determine whether investors were exposed to harm.
Silver Miller Represents Victims of Broker Misconduct
If you believe a broker engaged in undisclosed outside business activities, recommended investments outside firm supervision, or engaged in other misconduct, you may have the right to pursue recovery.
Silver Miller represents investors nationwide in claims involving selling away, undisclosed OBAs, unsuitable investments, and supervisory failures. Our attorneys pursue recovery through FINRA arbitration and civil litigation.
Contact Silver Miller for a free, confidential consultation. We work on a contingency fee basis—meaning you pay nothing unless we recover for you.
