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Edward Yoon: Investors Complain About Ex-First Allied Advisor
Recent investor complaints against Pasadena financial advisor Edward Yoon (CRD# 2408137) allege that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered with Cetera Advisors and Cetera Investment Advisers, and that he has been a representative of Harvest Financial. He is also registered with the firm’s offices in Rancho Cucamonga and Torrance, California.
REIT Complaint Settled This Year
Mr. Yoon’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2022, alleged he recommended unsuitable investments while at First Allied Securities, settling for $15,000. A second, filed in 2021, alleged he breached contract, breached his fiduciary duty, engaged in negligence, and recommended unsuitable real estate investment trusts (REITs). In August 2022 this complaint reached a settlement of $36,250.
Pending Complaint Alleges Speculative Margin Trading
Records disclose a third complaint, filed in February 2022, that similarly alleges he recommended unsuitable real estate securities. The pending complaint alleges damages of $140,000. Finally, a complaint filed in 2001 fraud, misrepresentation of material facts, breach of fiduciary duty, unauthorized trading, and unsuitable trading in speculative securities on margin. This complaint evolved into an arbitration proceeding before a panel that issued an award to the customer of $44,117.85.
What Are REITs?
A real estate investment trust, or REIT, is an investment company that pools funds from investors for the purchase and operation of real estate. REIT investments come with the promise of access to real estate and the income streams it generates, although they also come with certain risks. Although publicly traded REITs can be liquid investments that offer routine cash flow to investors, they are still subject to market conditions. Meanwhile, non-traded REITs are usually illiquid investments with little to no transparency, which can make them unsuitable products for unsophisticated and/or conservative investors. In fact, FINRA warned in a 2016 investor alert that non-traded REITs are “rarely, if ever, suitable for short-term investors.” Brokers who recommend unsuitable REIT investments may be liable for damages.
FINRA: Yoon Based in Pasadena
According to the Financial Industry Regulatory Authority, Edward Yoon has spent 26 years working as a broker. Based in Pasadena, Rancho Cucamonga, and Torrance, he has been a Cetera representative since 2020. He was previously registered with First Allied Securities, working as a representative of Harvest Financial. Having passed four securities industry qualifying exams, he currently holds 20 state licenses. (Information current as of November 25, 2022.)
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