Victim of Financial Fraud? Call Now

Young Kim Suspended by FINRA

Yong Kim (CRD #: 1747849), a broker registered with Kayan Securities, has been suspended by FINRA. This is according to his BrokerCheck record, accessed on June 28, 2024. Keep reading if you have questions regarding his alleged conduct. 

Regulatory Actions 

On May 16, 2024, Yong Kim entered into an Acceptance, Waiver, and Consent agreement (AWC) in which he consented to the findings that he had failed to investigate potentially excessive trading and failed to reasonably supervise a representative. He was allegedly responsible for reviewing trading reports and should have identified the red flags of excessive trading. 

Allegedly, one representative excessively traded in customer’s accounts, resulting in six-figure losses. The transactions were allegedly all “unsolicited,” meaning that the broker recommended these trading patterns. Two customers went on to allege that the broker had engaged in unauthorized trading. 

Terms of the AWC 

As part of the terms of the AWC, Yong Kim consented to a two-month suspension, a $5,000 fine, and an undertaking to complete 20 hours of continuing education concerning supervisory responsibilities, including supervision related to unauthorized and excessive trading. 

You can read a copy of the AWC here

Failure to Supervise 

FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations. Their systems of supervision should be able to catch unsuitable recommendations. 

Unauthorized Trading

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Background Information 

Yong Kim has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 99TO Operations Professional Examination 
  • Series 57TO Securities Trader Exam
  • SIE – Securities Industry Essentials Examination 
  • Series 55 Limited Representative-Equity Trader Exam 
  • Series 7 General Securities Representative Examination 
  • Series 14 Compliance Officer Examination 
  • Series 51 Municipal Fund Securities Principal Examination 
  • Series 4 Registered Options Principal Examination 
  • Series 27 Financial and Operations Principal Examination 
  • Series 24 General Securities Representative Examination 

During his 35 years of experience, Yong Kim has registered with nine firms. These are the five most recent: 

  • Kayan Securities (CRD #: 156175) 
  • MITAA Global Securities (CRD #: 123074) 
  • Etech Securities (CRD #: 104195) 
  • Hanmi Securities (CRD #: 25518) 
  • Daehan Securities (CRD #: 25447) 

Kurta Law Can Help 

If you have worked with Yong Kim and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.