According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Independent Financial Group broker Kyusun Kim has violated securities laws and internal firm rules. Mr. Kim allegedly made unsuitable recommendations to numerous senior customers that they concentrate their retirement assets and liquid net worth in speculative and illiquid securities. He also falsely inflated the net worth figures of several customers on their new account forms and other documents so that they appeared eligible to purchase certain speculative investments. A broker must only make suitable recommendations to his customers, by taking into account their age, net worth, investment objectives, investment risk tolerance, and other factors. If he does not, his brokerage firm may be liable for losses on a contingency fee basis in the FINRA arbitration forum. Kyusun Kim’s recommendations may not have been suitable for his clients, based on these factors, age being the primary issue. For this misconduct, Kyusun Kim was permanently barred from the industry.
Kyusun Kim was previously registered with The Lincoln National Life Insurance Company in Fort Wayne, Indiana from August 1997 until March 2006, Lincoln Financial Advisors Corp in San Diego, California from August 1997 until March 2006, Independent Financial Group in San Diego from February 2006 until March 2016, and Sandlapper Securities in San Diego from March 2016 until April 2017. He has 23 customer complaints against him, nine of which are pending. This is a large number of complaints for a broker within the securities industry. The complaints allege forging client signatures, misrepresentation, unsuitability of a DPP investment, material omissions, breach of fiduciary duty, violations of state and federal securities laws, inappropriate investments, negligence, financial elder abuse, and other things. According to his public record with FINRA, he has been barred from the industry.
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