Kyusun Kim of San Diego, California submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly making unsuitable recommendations in violation of NASD Rules 3110, 2310 and 2110 and FINRA Rules 4511, 2111 and 2010.
In February 2006 Kyusun Kim joined Independent Financial Group LLC (IFG) as a General Securities Representative. According to FINRA, between 2008 and 2015, Kim made unsuitable recommendations to numerous senior customers who were retired. FINRA stated that Kim failed to disclose to his customers any risks associated with the products, including that the securities were speculative and illiquid. Kim was also allegedly accused of providing inaccurate and inflated net worth to certain customers so that they appeared to be eligible to purchase certain speculative investments. FINRA concluded that these customers suffered substantial losses due to Kim’s recommendations.
Without admitting or denying FINRA’s findings Kyusun Kim consented to a bar from association with any FINRA member in all capacities.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unsuitable recommendations, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Independent Financial Group, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Independent Financial Group account due to unsuitable recommendations by your broker? Was Kyusun Kim your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Independent Financial Group stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.