Ameritas Investment Company, a well-known brokerage firm, made headlines recently—not for stellar investment returns, but for its association with former advisor Anthony Cheng. Based out of San Jose, California, Anthony Cheng spent 11 years in the securities industry, serving clients through firms such as Ameritas Investment Company (doing business as Thrive Wealth Solutions), Pruco Securities, and Waddell & Reed. Today, he is permanently barred from the securities industry, not because of proven fraud or investor losses, but due to his refusal to cooperate with regulators during a crucial investigation.
When Silence Becomes the Story: The Anthony Cheng Case
The financial advice industry rests on trust. Investors rely on their advisors’ transparency, professionalism, and willingness to do what’s right—even when questions arise. The story of Anthony Cheng offers a powerful reminder that silence in the face of regulatory scrutiny can speak louder than any complaint or arbitration, and can irreversibly end careers.
According to the Financial Industry Regulatory Authority (FINRA), the investigative file—Letter of Acceptance, Waiver, and Consent No. 2025087880501, filed in February 2026—centers on one issue: Anthony Cheng’s refusal to provide requested documents and information as part of a probe into potential undisclosed outside business activities and private securities transactions (commonly referred to as “selling away”). This type of conduct places investors at risk by circumventing the oversight mechanisms designed to protect them.
The Facts: A Career Ended by Non-Cooperation
The sequence of events is straightforward and cautionary. FINRA began investigating whether Anthony Cheng engaged in off-the-books business dealings that had not been disclosed to his firm. Such undisclosed activities—often called outside business activities—can mean that investors lose the protections provided by firm supervision and compliance checks. According to Investopedia, these outside ventures, if not properly disclosed, can pose serious conflicts of interest and increase risks for clients.
As part of its standard investigative process, FINRA served Mr. Cheng with requests for financial records and information. Routine for nearly every serious compliance inquiry, most advisors comply promptly. Regulatory cooperation is not optional—it is a professional obligation. But Mr. Cheng responded by email that he would not provide the documents or information requested. This “would not,” as opposed to “could not,” proved critical to the outcome.
| Key Facts: Anthony Cheng | Details |
|---|---|
| Name | Anthony Cheng |
| CRD Number | 6242405 |
| Latest Employer | Ameritas Investment Company (Thrive Wealth Solutions) |
| Years in Industry | 11 years (2015–2025 at Ameritas) |
| Termination | Fired May 2025 for outside business activity violations |
| Disciplinary Action | Barred by FINRA in February 2026 |
Following this refusal, FINRA found Anthony Cheng in violation of Rule 8210 and Rule 2010. The result was a permanent bar—prohibiting him from associating with any FINRA member firm or acting in any capacity requiring licensure. His professional registration now reflects not only a termination for cause but also substantial regulatory sanctions.
Warren Buffett aptly notes, “It takes 20 years to build a reputation and five minutes to ruin it.” For Anthony Cheng, a single message of non-cooperation was all it took.
Anthony Cheng’s Registration History and Credentials
Prior to this incident, Mr. Cheng maintained a clean regulatory profile: no customer complaints, no arbitration claims, and no prior disciplinary actions. He began his career with Waddell & Reed and Pruco Securities before joining Ameritas Investment Company in 2015, where he remained until his termination in 2025.
He successfully completed three key licensing exams:
- Securities Industry Essentials Examination (SIE)
- General Securities Representative Examination (Series 7)
- Uniform Combined State Law Examination (Series 66)
These credentials represent a significant investment of time and money—commitment that was ultimately eclipsed by the consequences of non-compliance.
Notably, this kind of sudden reversal is not uncommon. Research by the National Bureau of Economic Research indicates that while only about 7% of advisors have misconduct records, many with previously unblemished records can face abrupt allegations and career-ending findings. Past conduct is no guarantee of future integrity; investors must remain vigilant.
Understanding FINRA Rules 8210 and 2010
FINRA Rule 8210 empowers the organization to compel testimony, documents, and records from its members and their representatives. In effect, it acts as a regulatory subpoena, forming the backbone of FINRA’s capacity to protect investors and uphold standards. Without this rule, potential misconduct could go entirely unchecked.
Violating FINRA Rule 8210 carries severe consequences. Regulators view refusal to comply as a red flag, because cooperation is expected unless wrongdoing is being concealed. Refusing requests for information can lead to an immediate presumption of bad faith—an assumption that proved devastating for Anthony Cheng.
FINRA Rule 2010, meanwhile, requires professionals to observe “high standards of commercial honor and just and equitable principles of trade.” It functions as a broad ethical catchall, ensuring industry integrity above and beyond specific rule violations. Refusal to participate in an investigation falls squarely within its scope.
The underlying probe in Anthony Cheng’s case focused on outside business activities and private securities transactions—both areas known to attract regulatory scrutiny, because undisclosed side deals or “selling away” can leave investors without recourse and deprive firms of essential oversight.
The Real-World Impact: Investor Considerations
After his refusal to cooperate, Anthony Cheng was permanently barred in February 2026; as of that time, he is no longer licensed as a broker. He cannot serve clients or conduct securities transactions for commission. For investors who worked with him during his career, this raises new questions about the advice received, the appropriateness of prior investments, and whether all dealings were channeled through legitimate, supervised channels. Any hint of undisclosed activity should prompt a thorough review for potential losses or conflicts of interest.
Investment risk from advisor misconduct is real. Studies show that financial advisor fraud or bad advice costs American investors billions annually. According to a report from the Securities and Exchange Commission, investment scams and unsuitable recommendations are among the leading causes of consumer financial harm. Even reputable advisors can make mistakes—or worse, turn to self-serving conduct when oversight fails or incentives change.
For additional details or to research complaints about financial advisors, you may wish to explore resources such as Financial Advisor Complaints for transparency and due diligence tips.
What Investors Can Do: Lessons from the Anthony Cheng Case
The case of Anthony Cheng offers several important takeaways for investors:
- Check BrokerCheck regularly, not just when hiring a new advisor.
- Recognize that even a long history of clean conduct can change quickly.
- Inquire directly about outside business activities and potential conflicts of interest.
- Request documentation affirming that all investment recommendations occur through the advisor’s registered firm.
- Stay alert for red flags: unsolicited private investments, pressure tactics, or unusual business proposals.
Fortunately, the regulatory system responded in a timely manner in this case. The interval between Anthony Cheng’s
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