Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into Anthony Cheng (CRD #6242405), formerly registered with Ameritas Investment Company, LLC. If you invested with this advisor or experienced losses related to outside business activities or private securities transactions, you may have legal options to recover your money.
Who Is Anthony Cheng?
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Anthony Tianfeng Cheng—also known as Tony T. Cheng and Tony Tianfeng Cheng—worked in the securities industry for approximately 11 years. He was most recently employed at Ameritas Investment Company, LLC, where he was registered as both a broker and investment adviser.
His employment history includes:
- Ameritas Investment Company, LLC (2015–2025)
- Pruco Securities, LLC (2014–2015)
- Waddell & Reed (2013–2014)
You can verify his registration history through FINRA BrokerCheck.
FINRA Bar and Regulatory Action Against Anthony Cheng
On February 2, 2026, FINRA permanently barred Anthony Cheng from associating with any broker-dealer firm. This is one of the most severe sanctions FINRA can impose.
The bar resulted from Cheng’s refusal to provide information and documents during an investigation into whether he engaged in undisclosed outside business activities. Under FINRA rules, a broker’s failure to cooperate with regulators is itself grounds for permanent sanctions.
| Detail | Information |
|---|---|
| Sanction | Permanent FINRA Bar |
| Effective Date | February 2, 2026 |
| Resolution Type | Acceptance, Waiver & Consent (AWC) |
| Allegations | Failure to provide documents related to undisclosed OBAs |
| Current Status | No active FINRA registrations |
Employment Termination at Ameritas Investment Company
In May 2025, Ameritas Investment Company, LLC terminated Anthony Cheng. The firm alleged he failed to comply with internal policies regarding:
- Private securities transactions (commonly called “selling away”)
- Unreported outside business activities
These are serious compliance violations that can expose investors to significant risk.
What Are Outside Business Activities and Selling Away?
Outside business activities (OBAs) refer to any work or business a broker conducts outside their registered firm. Brokers are required to disclose these activities so firms can monitor for potential conflicts of interest.
Selling away occurs when a broker solicits investments that are not approved or supervised by their employing firm. This practice is particularly concerning because investors lose the compliance protections that come with properly supervised transactions. These unapproved investments are frequently high-risk, illiquid, or in some cases, outright fraudulent.
Red Flags for Investors
If you worked with Anthony Cheng, consider whether any of these warning signs apply to your experience:
- You were asked to invest in products that seemed unusual or unfamiliar
- Investment documents were not issued through Ameritas or another registered firm
- You were told to write checks to entities other than your brokerage account
- Your statements did not reflect certain investments you made
- You experienced losses in investments you did not fully understand
Any of these situations could indicate that improper sales practices occurred.
Complete Disclosure Summary
As of late April 2024, public records showed a clean regulatory history for Anthony Cheng. However, the situation changed significantly by early 2026.
| Disclosure Category | Status (Pre-2025) | Status (Current) |
|---|---|---|
| Customer Complaints | None disclosed | Subject to investigation |
| Regulatory Actions | None disclosed | Permanent FINRA Bar |
| Employment Termination | None disclosed | Discharged by Ameritas (May 2025) |
| SEC Actions | None found | None found |
Can Investors Recover Losses?
Even when a broker is barred, investors may still have options to recover losses. Brokerage firms like Ameritas Investment Company can be held responsible under FINRA rules if they failed to adequately supervise their representatives.
Most investor claims are resolved through FINRA arbitration, not traditional court lawsuits. Common claims in these cases include:
- Failure to supervise
- Negligence
- Unsuitable investment recommendations
- Unauthorized or undisclosed transactions
About Haselkorn & Thibaut
Haselkorn & Thibaut (investmentfraudlawyers.com) is a nationally recognized investment fraud law firm with over 50 years of combined experience. The firm has recovered millions of dollars for investors and maintains a 98% success rate in FINRA arbitration cases.
Their attorneys understand how difficult it can be to learn that someone you trusted may have acted improperly with your money. They offer free, confidential consultations to help you understand your situation and explore your options.
No recovery, no fee. You pay nothing unless they recover money for you.
Contact Haselkorn & Thibaut Today
If you invested with Anthony Cheng or believe you were solicited into investments outside of Ameritas Investment Company, don’t wait to explore your options. Time limits apply to filing claims.
Call now for a free consultation: 1-888-885-7162
Speaking with an attorney costs you nothing and could be the first step toward recovering what you lost.
