Kim is permanently barred by FINRA
FINRA Rule 2010 provides that “[a] member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade,” and broker Peter Kim was found in violation of it, according to a recent FINRA disciplinary action.
In fact, according to the report, Kim’s acts, practices and conduct constituted such violation of the rule that FINRA permanently barred Kim from acting as a broker or otherwise associating with firms that sell securities to the public.
What did Kim do that got him into trouble? Between October 2011 and August 2013, Kim allegedly withdrew funds from a client’s account on a monthly basis without the customer’s knowledge. Using unauthorized wire disbursements and third-party bank accounts in the name of a family member and a friend, he converted approximately $200,000 of the customer’s money for his own use.
Without admitting or denying the findings, Kim consented to the sanction and entry of the findings. As such, on April 27, 2015, FINRA permanently barred Kim from performing in the securities industry.
If you, like many investors, have faced financial loss as a result of the misconduct of investment brokers, you may be entitled to certain legal rights in an effort to recover those funds. To find out more about these options, contact Silver Law Group, a firm committed to helping you navigate your options in securities arbitration.
Theft of client funds is a significant problem on Wall Street where professionals have easy access to customer financial information. This problem is prevalent in the retirement community where investors rely on their accounts for income. An investor must diligently watch their account for any improper withdrawals and, if your financial advisor asks you to loan him money, to report him to the appropriate person.
At Silver Law Group, you can expect experienced attorneys who are skilled in securities arbitration and a complimentary consultation. Silver Law Group operates on a contingent fee basis, ensuring that you don’t pay legal fees unless they win your case.
Contact us today for your consultation and let us help you take the next steps in recovering your losses.