FINRA Bars Michael Cheng Ning for Failing to Produce Firm Books and Records
The Financial Industry Regulatory Authority (FINRA) has barred Michael Cheng Ning (CRD #1229733) of Torrance, California, from associating with any FINRA member firm in any capacity after he failed to provide documents requested in connection with a regulatory investigation.
On November 17, 2025, an Office of Hearing Officers (OHO) decision became final under FINRA Case #2024081111301.
Failure to Provide Required Books and Records
According to FINRA’s findings, the investigation concerned whether certain securities recommendations made by registered representatives at Ning’s member firm were in the best interests of their customers.
Before FINRA’s requests were issued, Ning’s firm had filed a Uniform Request for Withdrawal from Broker-Dealer Registration (Form BDW), withdrawing its FINRA registration. At the time of the requests, Ning was the designated custodian of the firm’s books and records.
FINRA requested documents and information relating to recommendations of, and communications about, specific identified securities made to certain customers by two former firm brokers. The requested materials constituted books and records that the firm was required to maintain under FINRA rules.
FINRA determined that the documents and information sought were material to its investigation because they directly related to the securities recommendations at issue and whether those recommendations satisfied the brokers’ best interest obligations.
Ning failed to produce the requested documents and information.
Regulatory Obligations of Record Custodians
Broker-dealers are required to maintain and preserve books and records, even after withdrawing from FINRA registration. Individuals designated as custodians of those records remain responsible for complying with regulatory requests.
Failure to provide requested books and records during a FINRA investigation is considered a serious violation, as it impedes the regulator’s ability to evaluate whether customer recommendations were suitable and in the clients’ best interests.
As a result of these findings, Ning was permanently barred from associating with any FINRA member firm in all capacities.
Silver Miller Represents Investors in Best Interest and Supervisory Failure Cases
When brokers recommend securities that may not align with a customer’s best interests, investors can suffer significant financial harm. Regulatory investigations into recommendation practices often raise broader concerns about supervision and compliance.
Silver Miller represents investors nationwide in claims involving unsuitable recommendations, excessive trading, supervisory failures, and other forms of broker misconduct. Our attorneys pursue recovery through FINRA arbitration and civil litigation.
If you have concerns about securities recommendations made to you or your family, contact Silver Miller for a free, confidential consultation. We work on a contingency fee basis—meaning you pay nothing unless we recover for you.
