Heon Kim, a Stockbroker with Ameritas Investment Corporation, was barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to FINRA findings that he failed to cooperate in an FINRA investigation into allegations that Kim had engaged a non-licensed individual to solicit and sell variable products to clients in violation of his firm’s policies and procedures. Letter of Acceptance, Waiver, and Consent, No. 2014043316501 (Oct. 6, 2015).
According to the AWC, on November 10, 2014, Ameritas had filed a Form U5 with FINRA indicating that Kim was discharged for engaging a non-licensed individual to solicit and sell variable products to clients in violation of his firm’s policies and procedures. The AWC stated that FINRA sent Kim a letter on August 7, 2015, pursuant to Rule 8210, requiring that Kim provide on-the-record testimony in connection with the allegation.
The AWC indicated that Kim had failed to provide such testimony by the requested date of September 16, 2015, and had not ever provided testimony at any point. Consequently, FINRA found Kim’s conduct to be in violation of Rules 8210 and 2010.
FINRA Stockbrokers like Kim who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
