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Jongwook Kim Allegedly Recommended an Unsuitable REIT

Jongwook Kim (CRD #: 3161959), a broker registered with Equitable Advisors, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on February 16, 2024. Details concerning this dispute are provided below. 

REIT Allegations

On December 19, 2023, an investor alleged that Jongwook Kim recommended an unsuitable Real Estate Investment Trust (REIT). 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. REITs tend to be illiquid, which makes them unsuitable for many investors.

FINRA Rule 2111 – Unsuitable Long-Term Investments

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Brokers must also consider the investment time horizon and the investor’s liquidity needs – long-term investments often do not suit a client’s best interests. Investments that do not take these factors into account may be unsuitable. 

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

Background Information 

Jongwook Kim has passed the following exams: 

  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination
  • Series 24 General Securities Principal Examination 

Jongwook Kim is a registered broker in eight states and is a registered investment adviser in New Jersey, New York, and Pennsylvania. 

During his 24 years of experience, he has registered with four firms: 

  • Equitable Advisors (CRD #: 6627) 
  • The Equitable Life Assurance Society of the United States (CRD #: 4039) 
  • MetLife Securities (CRD #: 14251) 
  • Metropolitan Life Insurance Company (CRD #: 4095) 

Kurta Law Can Help 

If you have worked with Jongwook Kim and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.