Clients Suggest Kyusun Kim Gave Bad Advice
Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) shows troubling information in regard to securities broker Kyusun Kim [CRD#: 2864085, San Diego, California]. Supposedly, at least 23 clients took issue with the securities broker, who worked for Independent Financial Group from 2006 to 2016 and then worked for Sandlapper Securities from 2016 to 2017. Furthermore, FINRA sanctioned Kim, and IFG disaffiliated with him for bad business practices. In sum, these disclosures suggest that Kim breached his fiduciary responsibility to clients, dishonored investment agreements and recommended or sold bad investments. Check out these allegations against Kim.
Independent Financial Group Client Indicates That Kyusun Kim Breached Fiduciary Duty
Apparently, on July 10, 2017, an Independent Financial Group client filed FINRA Arbitration #: 17-01663 because of Kyusun Kim. Notably, the client asserted that Kim breached a fiduciary duty. Allegedly, the securities broker failed to place his client’s interests before his own. Also, Kim breached terms of an investment contract. Supposedly, the client experienced losses by purchasing variable annuities, mutual funds, structured products and direct investments from Kim. As a result, on August 29, 2019, Independent Financial Group resolved this issue through compensating the client $60,000.
Kim Allegedly Violates Securities Laws In Transactions Involving IFG Client
Evidently, a client of Independent Financial Group contested Kyusun Kim by bringing FINRA Arbitration #: 17-01149 on May 4, 2017. Allegedly, Kim failed to comply with securities laws when makings securities recommendations or sales. It appears that the IFG broker also breached his duties under contract and failed to comply with his fiduciary responsibility. Third party structured products and mutual funds that Kim recommended purportedly caused the client to sustain losses. For this reason, Independent Financial Group agreed to settle the client’s dispute on November 9, 2018 through paying the client $42,500.
FINRA Bars Kyusun Kim For Bad Alternative Investment Advice
On June 26, 2018, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2017052705001 barring Kim. Mainly, FINRA contended that Kim violated FINRA Rule 2111 by making unsuitable investment recommendations. Allegedly, Kim placed retirees and other senior clients in illiquid and very risky investments. FINRA says that the clients did not make alternative investment purchases before Kim came along. Not only that, but his clients did not want to take the type of risk associated with those investments. Not only did Kim sell these investments to those clients, he overconcentrated their accounts in them. Notably, FINRA says that Kim caused his clients’ losses by making unsuitable recommendations.
Kim Allegedly Breaches Contract Causing IFG Client To Experience Losses
Apparently, a client of Independent Financial Group contested Kyusun Kim’s securities recommendations or sales through bringing FINRA Arbitration #: 18-00721 on February 27, 2018. Allegedly, Kim breached a fiduciary duty and an investment agreement. Supposedly, he also recommended or sold investments without complying with securities laws. It appears that alternative investments, mutual funds or structured products that Kim recommended led the client to experience losses. As a result, the client asked for compensation from IFG or Kim in the amount of $200,000 in this ongoing matter.
Did Independent Financial Group Securities Broker Kyusun Kim Sell You Bad Investments?
Lars Soreide Highest Ethical Standard Award 2018
You might know Kyusun Kim by his other names: Kenny Kim and Kyu Sun Kim. Have you experienced losses by investing with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Kim and his employing brokerage firms.