Chay Lapin: Former WealthForge Advisor Faces $4mm Skyloft Complaint

Indianapolis financial advisor Chay Lapin (CRD# 6275140) is involved in investor complaints alleging misconduct related to an investment in NP Skyloft DST. Records provided by the Financial Industry Regulatory Authority indicate that he is currently registered as a broker with FNEX Capital, having previously been registered with WealthForge Securities in Torrance, California.

Mr. Lapin’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2023, alleges failure to conduct reasonable due diligence, negligence, failure to disclose material facts, suitability violations, misrepresentation and omissions of material facts, breach of contract, and breach of fiduciary duty in connection to an investment in NP Skyloft DST. The pending complaint alleges damages of $200,050.

An earlier investor complaint, filed in March 2023, alleges failure to conduct reasonable due diligence concerning a Skyloft investment, misrepresentations, and failure to disclose material facts. The pending complaint alleges unspecified damages.

A third investor complaint, filed in February 2023, alleges misrepresentations, failures to conduct due diligence, negligence, and other causes of action relating to a Skyloft investment. The pending complaint alleges damages of $1.8 million.

A fourth investor complaint, filed in January 2023, alleges the unsuitable recommendation of and failure to supervise an investment in Skyloft. The pending complaint alleges damages of $4,108,931.83.

A fifth investor complaint, filed in January 2023, alleges $2.5 million in damages connected with a Skyloft investment while he was at WealthForge Securities. In a statement included with this complaint’s disclosure, as well as the disclosure of the other four pending complaints listed on his BrokerCheck report, Mr. Lapin pushed back against the allegations, stating that he “has never known or had any association with a number of the customers listed in these arbitrations” and asserting that he was incorrectly listed as a respondent in the complaints. “This dispute is between the plaintiffs and WFS directly and not Mr. Lapin,” he states in conclusion. “Mr. Lapin’s attorney will be filing a motion to dismiss Mr. Lapin from this arbitration for which he had no real involvement.”

According to the Financial Industry Regulatory Authority, Chay Lapin holds nine years of securities industry experience. Based in Indianapolis, Indiana, he has been registered as a broker with FNEX Capital since January 2022. His past registrations include Growth Capital Services (Torrance, California; 2020-2022), WealthForge Securities (Torrance, California; 2017-2020), Colorado Financial Service Corporation (Palos Verdes Estates, California; 2015-2017), and Concorde Investment Services (Palos Verdes Estates; 2014-2015). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 51 state licenses. (Information current as of April 1, 2023.)

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