Adviser involved in college admissions probe revealed as Oppenheimer rep

Adviser involved in college admissions probe revealed as Oppenheimer rep
Qui Xue Yang works at firm's Summa Group unit in Los Angeles.
APR 30, 2019

A financial adviser working at a unit of Oppenheimer & Co. in Los Angeles has been identified by The Wall Street Journal as having helped facilitate a $1.2 million payment by a Chinese family to a college counselor at the center of the college admissions cheating scandal. The Journal said the adviser, Qui Xue Yang, works at Summa Group, a small unit of Oppenheimer that noted Ms. Yang's work with Chinese clients on its website. Ms. Yang joined the firm in 2015, according to her BrokerCheck record. (More:Millionaires flee homelands as tensions rise, taxes bite) According to Federal court filings, a Los Angeles-based adviser whom the newspaper identified as Ms. Yang, allegedly coordinated for the family to pay William Singer, who has admitted to managing the scheme, for securing a spot for a young woman at Yale University. The Journal said that Ms. Yang didn't respond to requests for comment and that Oppenheimer referred to a previous statement in which it said it maintained a "very limited" relationship with Mr. Singer's foundation under the impression it was a college tutoring service, but that the relationship has since been severed.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.