Investor Alleges Michael Yoon Executed Unauthorized Trades

Michael Yoon (CRD #: 6348923), a broker registered with MML Investors Services, allegedly violated several FINRA rules, according to his BrokerCheck record, accessed on February 16, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

On January 18, 2023, an investor alleged that Michael Yoon executed unauthorized trades, recommended unsuitable stocks and whole life insurance, and mismanaged her account. The client alleged that this misconduct began in approximately April 2021.

The investor seeks $500,000 in this pending dispute.

FINRA Rule 3260

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. The firm must also approve the designation of an account as discretionary before this trading can occur.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information such as investors’ age, risk tolerance, and overall financial situation.

Investors who rely on brokers for investment recommendations can potentially recoup their losses by pursuing FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Michael Yoon has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Michael Yoon is a registered broker in California and Washington. He is also a registered investment adviser in California.

He previously worked for MSI Financial Services (CRD#:14251).

Kurta Law Can Help

If you worked with Michael Yoon and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.