Pending complaints against UBS Financial Services broker and investment advisor Jose Cornide (CRD# 2785918) allege the Coral Gables, Florida-based representative...Read More
Kyusun Kim: San Diego Financial Advisor Barred
A disciplinary action taken by the Financial Industry Regulatory Authority against former San Diego, California broker and investment advisor Kyusun Kim (CRD# 2864085) barred him over allegations he made unsuitable investment recommendations to senior customers. A former representative of Independent Financial Group and Sandlapper Securities, Kim was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a FINRA decision (No. 2017052705001) dated June 2018, Kyusun Kim was registered with Independent Financial Group when, between 2008 and 2018, he unsuitably solicited “numerous individuals who were retiring or had retired” to execute liquidations of their 401(k)s and pension plans, then invest the funds generated by those liquidations with him, specifically recommending they invest in alternative investments like structured notes and non-traded real estate investment trusts. FINRA’s findings note that “many” of the investors in question had limited investment experience and that all of them had “moderate or conservative investment objectives and risk tolerances.” As such, FINRA states, his investments were unsuitable, and resulted in “an undue concentration of the customers’ retirement assets and liquid net worth in speculative and illiquid investments.” FINRA found these activities to constitute violations of NASD and FINRA Rules. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member in any capacity.
Kyusum Kim’s disclosure records also list 17 settled customer complaints against him and 4 customer complaints that remain pending.
A pending complaint filed in 2018, for instance, alleges that as a representative of Independent Financial Group, he breached his fiduciary duty, engaged in wrongful conduct, violated state and federal securities law, and breached contract. The complaint alleges damages of $200,000.
A pending complaint filed in 2017 alleges that as a representative of Independent Financial Group, he breached his fiduciary duty, breached contract, committed financial abuse, and violated state and federal securities law. The complaint alleges damages of $300,000.
A 2016 complaint alleged that as a representative of Independent Financial Group, he engaged in wrongful conduct, breached his fiduciary duty, and breached contract. The complaint reached a settlement of $245,000.
A 2015 complaint alleged that as a representative of Independent Financial Group, he misrepresented and recommended unsuitable investments. The complaint reached a settlement of $690,000.
Kyusum Kim is currently not registered as a broker or investment advisor. His employment history includes Sandlapper Securities in San Diego, California; Independent Financial Group in San Diego, California; Lincoln Financial Advisors Corporation in San Diego, California; and the Lincoln National Life Insurance Company in Fort Wayne, Indiana. He currently holds zero state licenses and has passed four securities industry qualification examinations.