FINRA barred Sun Hyung Kim, formerly a broker at Kayan Securities in Los Angeles, California, for unauthorized trading, providing false and misleading responses to FINRA, and for causing Kayan Securities to maintain inaccurate books and records. The findings come years after settled customer disputes in Kim's account alleged unsuitable investment recommendations, unauthorized trading, and churning.
According to AWC #2019064935601, Sun Hyung Kim (CRD #2053243) effected 162 unauthorized transactions in a brokerage account belonging to a Kayan customer without first obtaining approval from that customer.
During FINRA's subsequent investigation into Kim's conduct, Kim purportedly provided false and misleading statements to FINRA regarding the 162 transactions, stating on multiple occasions that the customer had provided authorization using the KakaoTalk mobile smartphone app when the customer had not done so.
The report states that by mismarking orders as "unsolicited," Kim caused Kayan to have inaccurate books and records.
KaKaoTalk (KaTalk in South Korea) is a mobile messaging app for smartphones operated by Kakao Corporation, a South Korean internet company.
Kim, whose BrokerCheck file lists a discharged bankruptcy from 2011, previously settled with a customer in arbitration who had alleged unsuitable investment recommendations and unauthorized trading. Another settled customer dispute against Kim alleged unsuitable investment recommendations, churning, excessive trading, and excessive use of margin with damages in excess of $100,000.
If you have invested with former Kayan Securities broker Sun Hyung Kim or with any investment adviser whose unauthorized or excessive trading, churning, and/or unsuitable recommendations have proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.
All information in the above post was verified as accurate at the time of posting. We invite readers and the subject(s) of the posting to contact us with new or updated information.