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June Hung: Did Independent Financial Advisor Cause 6-Figure Losses?
June Hung (CRD# 4752296), a stockbroker and investment adviser in Diamond Bar and San Gabriel, California, is involved in an investor complaint alleging her investment recommendations led to substantial losses. Financial Industry Regulatory Authority records show that she is a registered representative of Independent Financial Group.
Ms. Hung’s BrokerCheck report discloses two investor complaints against her. The most recent, filed in January 2023, alleges that as a representative of Voya Financial Advisors, she “recommended investments that were largely concentrated in illiquid, speculative, low-quality, and high commission” products, including non-traded REITs and business development companies. The pending complaint alleges damages of $522,500.
An earlier investor complaint, filed in 2021, alleged that as a representative of Voya Financial Advisors, she recommended the claimant “invest a significant portion of saving[s] into various alternative investments.” The complaint goes on to allege that “the investments were misrepresented” in various capacities, including that they were safe, that they were guaranteed to pay income to the investor on a regular basis, and that they “would go public after a few years resulting in substantial profits.” Per the disclosure on her BrokerCheck report, the recommendations included mutual fund, real estate, and business development company investments. In 2021 the complaint reached a settlement of $65,000.
In a “Broker Comment” about the 2021 complaint, Ms. Hung wrote that the investments in question “were in line with Claimants’ stated investment objectives, risk tolerance and time horizon.” She added that the “Claim cherry-picks investments that did not perform as expected/anticipated and fails to acknowledge that Claimants had other similar investments, that they profited from other similar investments in the past, that they received (and acknowledged receipt of) disclosure documents outlining the parameters and risks of the investments and that they had extensive investment experience.” In conclusion, she wrote that the claim was meritless and “unsupported by the facts and circumstances.”
According to the Financial Industry Regulatory Authority, June Hung holds 17 years of securities industry experience. She has been registered as a stockbroker and investment adviser with Independent Financial Group in Diamond Bar and San Gabriel, California since 2015. Her past registrations include Voya Financial Advisors (San Gabriel, California; 2007-2015), Legacy Advisory Services (San Gabriel, California; 2004-2007), and NYLife Securities (New York, New York; 2004). Her credentials include the passage of four securities industry examinations: the Uniform Combined State Law Examination, or Series 66; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. She holds three state licenses. (Information current as of March 10, 2022.)