Articles Tagged with Independent Financial Group

AdobeStock_91053286-1-300x194According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Independent Financial Group broker Kyusun Kim has violated securities laws and internal firm rules. Mr. Kim allegedly made unsuitable recommendations to numerous senior customers that they concentrate their retirement assets and liquid net worth in speculative and illiquid securities. He also falsely inflated the net worth figures of several customers on their new account forms and other documents so that they appeared eligible to purchase certain speculative investments. A broker must only make suitable recommendations to his customers, by taking into account their age, net worth, investment objectives, investment risk tolerance, and other factors. If he does not, his brokerage firm may be liable for losses on a contingency fee basis in the FINRA arbitration forum. Kyusun Kim’s recommendations may not have been suitable for his clients, based on these factors, age being the primary issue. For this misconduct, Kyusun Kim was permanently barred from the industry.
Kyusun Kim was previously registered with The Lincoln National Life Insurance Company in Fort Wayne, Indiana from August 1997 until March 2006, Lincoln Financial Advisors Corp in San Diego, California from August 1997 until March 2006, Independent Financial Group in San Diego from February 2006 until March 2016, and Sandlapper Securities in San Diego from March 2016 until April 2017. He has 23 customer complaints against him, nine of which are pending. This is a large number of complaints for a broker within the securities industry. The complaints allege forging client signatures, misrepresentation, unsuitability of a DPP investment, material omissions, breach of fiduciary duty, violations of state and federal securities laws, inappropriate investments, negligence, financial elder abuse, and other things. According to his public record with FINRA, he has been barred from the industry.

According to his Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), John Bernard allegedly violated securities laws. Mr. Bernard was accused of exercising discretion without written authorization in the accounts of seven customers, while he was registered with LPL. Between January 2013 and December 2014, Mr. Bernard exercised discretion in the accounts of seven customers, and LPL had not accepted the accounts for discretionary trading. For this misconduct, he was fined $5,000 and suspended from association with any FINRA member firm in any capacity for 20 business days.

According to his online FINRA BrokerCheck report, Mr. Bernard was previously registered with Morgan Stanley in Purchase, New York from October 1995 until November 2005, and LPL in Shell Beach, California from November 2005 until March 2015. He is currently registered with Independent Financial Group in San Luis Obispo, California, and has been since February 2015. He has two customer disputes against him, alleging unsuitability, churning, failure to supervise and alleged unauthorized trading. Churning is a particularly egregious form of misconduct, because it is excessive trading in a customer’s account. It typically results in losses and unnecessary fees for the client and large commissions for the broker. It is against securities laws.

AdobeStock_112181284-1-300x200Did you or someone you know lose money with Gerhard Heuer? If so, those investment losses may be recoverable through the Financial Industry Regulatory Authority (FINRA) arbitration process. We are Chicago and Barrington, Illinois-based securities attorneys who bring claims against brokerage firms in order to recover investment losses for investors. The call to us is free with no obligation, so please call us today. 312-332-4200. Attorneys are standing by.
Heuer has been subject to six customer complaints, many of which concern suitability over recommendations for Variable Universal Life (VUL) policies. These are complex and risky investment products that investors must fully understand prior to investing. A broker like Gerhard Heuer must disclose the risks of these investments and only recommend those investments which are suitable for clients by taking into account their age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be liable for losses on a contingency fee basis, which means we only make money if you recover yours in the arbitration forum.
He was previously registered with Lutheran Brotherhood Securities Corp in Minneapolis, Minnesota from December 1998 until July 2002 and Thrivent Investment Management in Beaverton, Oregon from July 2002 until January 2016. He is currently registered with Independent Financial Group in Beaverton, and has been since January 2016. He has six customer disputes against him.

Stoltmann Law Offices is interested in speaking to those investors who have invested money with Stephen Winkelman. The Kansas Securities Commission revoked Winkelman’s securities license after he failed to respond to an investigation. The state alleged that he sent consolidated reports to an elderly (and now deceased) customer with inflated values. Winkelman overstated the cash value of the stocks and bond values. This is against securities rules and regulations. Winkelman was registered with Investment Centers of America in Appleton, Wisconsin from March 1992 until May 1995, Sunpoint Securities in Longview, Texas from June 1995 until November 1999, VSR Financial Services in Overland Park, Kansas from December 1999 until December 2003, USAllianz Securities in Wichita, Kansas from March 2004 until September 2006, Centaurus Financial in Wichita from September 2006 until December 2012 and Independent Financial Group in Pasadena, California from January 2013 until May 2014. He has one customer dispute against him that is pending. He is not licensed within the industry and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public. Please call us today at 312-332-4200 for a free consultation with one of our securities attorneys.

Did you lose money with Daniel Beech, an investment advisor with Independent Financial Group in Beverly Hills, California? If so, the attorneys at Stoltmann Law Offices would like to speak with you regarding those investments. We are securities attorneys who bring legal claims against firms such as Independent Financial Group in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Firms such as this may be responsible for losses because they did not reasonably supervise their representatives while they were employed there. According to his online FINRA BrokerCheck report, Beech was employed with Royal Alliance Associates in Los Angeles, California from November 2013 until January 2015 and Independent Financial Group in Sherman Oaks, California from December 2014 until April 2016. He is currently registered with Western International Securities in Sherman Oaks and has been since May 2016. He has one criminal disposition against him. Please call us today for your free consultation with a securities attorney. There is no obligation.

Did you lose money with Shimson Plotkin of Independent Financial Group in Chevy Chase, Maryland? If so, please call Stoltmann Law Offices in Chicago, Illinois to speak with one of our attorneys. Mr. Plotkin was accused of acting negligently, breaching fiduciary duty, and recommending unsuitable real estate investment trusts and other products. These are all against securities rules and regulations. Please call our securities law firm in Chicago, Illinois to speak to an attorney about your options. The call is free with no obligation. We may be able to sue Independent Financial Group for your losses on a contingency fee basis. We don’t make money unless you recover yours.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Russell Sadler was fined $25,000 and suspended from the industry for 12 months. According to his AWC, Sadler, while registered with LPL, purchased securities issued by a company that proposed to build a movie studio in Plymouth, Massachusetts. Several of his customers also purchased the securities. Sadler did not provide LPL with written notice about these private securities transactions, and he did not receive approval from the firm. This is against securities rules and regulations. If you lost money through an investment with Russell Sadler, you may be able to sue LPL Financial in the FINRA arbitration forum to recover those losses on a contingency fee basis. The call to our securities law firm in Chicago, Illinois is free and there is no obligation.

Sadler was registered with HD Vest Investment Services in Irving, Texas from May 1995 until October 1999, First Dunbar Securities Corp in East Berlin, Connecticut from October 1999 until July 2001, LPL Financial in Plymouth, Massachusetts from July 2001 until February 2013 and Cambridge Investment Research in Plymouth from February 2013 until September 2014. He is currently registered with Independent Financial Group in Plymouth and has been since August 2014. In September 2015, there was an investigation against him.

Stoltmann Law Offices is investigating Brian Zimmerman, a registered broker with Independent Financial Group in San Diego, California. Zimmerman has been accused of breaching fiduciary duty, acting negligently, failing to supervise, misrepresenting material facts, committing fraud, executing excessive trades, recommending unsuitable annuities, converting funds, breaching contract, and churning, among other things. All of these are against securities rules and regulations. Brian J. Zimmerman was registered with Shamrock Partners in Media, Pennsylvania from June 1994 until November 1994, Andrew Garrett Inc. in New York, New York from November 1994 until December 2001 and Liberty Partners Financial Services in San Diego, California from May 2004 until March 2012. He is currently registered with Independent Financial Group in San Diego, California, and has been since April 2012. If you invested money with Brian Zimmerman, please call our securities law firm to discuss your options of suing his firm, Independent Financial. They may be liable for investment losses. The call is free.

Stoltmann Law Offices is investigating Zoltan Posa, a former broker with Independent Financial Group. Posa is accused of breaching fiduciary duty, making unsuitable investment recommendations, omitting material facts, and violating state and federal securities laws, many of them in connection with investment sales in tenant-in-common (TIC) interests. TICs are the co-owners of an undivided interest in real property. They each own a separate and undivided interest in the same real property and each has an equal right to the possession and the use of the property. TICs are generally very risky investments and may not be suitable for all investors. A broker must take into account a customer’s age, net worth, investment portfolio and risk tolerance before recommending a security. If he does not, his brokerage firm can be liable for investment losses. Please call our Chicago-based securities law firm for a free consultation about your options.

Posa was registered with Investors Capital Corp in Lynnfield, Massachusetts from January 2001 until February 2005, Independent Financial Group in Palm Springs, Californa from February 2005 until January 2013. He has four customer disputes against him and one criminal disposition, according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report.

Did you or someone you know lose money with Jon Sanchez of Independent Financial Group in Reno, Nevada? If so, please contact our securities law firm in Chicago, Illinois for a free consultation with an attorney. You may be able to sue his firm, Independent Financial Group, for not reasonably supervising Sanchez, which resulted in investment losses. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Sanchez was the subject of three customer complaints.

He was registered with Salomon Smith Barney in New York, New York from December 1993 until February 1999, Brookstreet Securities Corp in San Juan Capistrano, California from February 1999 until August 2002, Securities America in Stateline, Nevada from July 2002 until January 2006, QA3 Financial Corp in Reno, Nevada from January 2006 until August 2010 and Morgan Stanley in Reno from August 2012 until June 2013. He is currently registered with Independent Financial Group in Reno and has been since June 2013. He has three customer disputes against him, two of which are currently pending.

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