- October 6, 2018
- Ausdal Financial Partners
- Harbour Investments
- Sandlapper Securities
The Wolper Law Firm is currently investigating claims against Kyusun “Kenny” Kim, a former Financial Advisor at Sandlapper Securities in San Diego, CA. Kyusun “Kenny” Kim has been in the securities industry since the 1990s and previously worked at Independent Financial Group.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 26, 2018, FINRA sanctioned Kyusun “Kenny” Kim for for a myriad of unsuitable sales practices. FINRA specifically alleged:
“Without admitting or denying the findings, Kim consented to the sanction and to the entry of findings that he made unsuitable recommendations to numerous senior customers, who were retiring or had retired that they concentrate their retirement assets and liquid net worth in speculative and illiquid securities. The findings stated that many of the customers had little or no investment experience other than their 401(k) and pension plans and had never purchased the alternative investments recommended by Kim. Kim’s recommendations were unsuitable for these customers because the speculative and illiquid nature of these investments were inconsistent with the customers’ moderate or conservative investment objectives and risk tolerances. In addition, Kim’s recommendations resulted in an undue concentration of the customers’ retirement assets and liquid net worth in speculative and illiquid investments. Kim failed to disclose to his customers the risks associated with these products, including that the securities were speculative and illiquid.” Kyusun “Kenny” Kim was barred indefinitely.
For a full copy of the FINRA sanction, click h https://www.finra.org/sites/default/files/fda_documents/2017052705001%20Kyusun%20Kim%20CRD%202864085%20AWC%20va.pdf
In addition, Kyusun “Kenny” Kim has more than twenty (20) customer complaints, alleging breach of fiduciary duty, unsuitable investments, misrepresentation, etc. These complaints collectively allege millions in damages. Remarkably, Sandlapper Securities and Independent Financial Group maintained his employment status even though he was the subject of an extraordinary number of complaints. Their employment of him may render them responsible for the sales practice misconduct that he engaged in while employed.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer Kyusun “Kenny” Kim and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.