Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » First Allied Securities Settles FINRA Arbitration Claim Involving REIT Sales

arbitration notice

Edward Chong Yoon of Pasadena, California, a stockbroker registered with First Allied Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $36,250.00 in damages based upon allegations that Yoon made unsuitable recommendations, breached a contract, breached his fiduciary duties, and was negligent in connection with the sale of Real Estate Investment Trusts or REITs when Yoon was associated with First Allied Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02646 (August 19, 2022).

FINRA Public Disclosure shows that Yoon is referenced in four other customer initiated investment related disputes concerning Yoon’s conduct while associated with securities broker dealers, including First Allied Securities Inc. On August 11, 2004, a NASD securities arbitration claim against Yoon resulted in the customer being awarded $98,247.85 in compensatory damages because Yoon was held liable on the customer’s claims which included that Yoon breached a contract, breached his fiduciary duties, made unsuitable recommendations, engaged in unauthorized trading, committed fraud, made misrepresentations of material fact, was negligent, and made omissions of material fact. NASD Arbitration No. 01-04009.

Yoon was also referenced in a complaint filed on January 16, 2015, in which the customer requested compensatory damages based upon allegations that Yoon made unsuitable recommendations of real estate securities. On February 25, 2022, another customer filed an investment related complaint involving Yoon’s conduct in which the customer requested $140,000.00 in damages based upon allegations that Yoon made unsuitable recommendations of real estate securities.

Yoon was associated with First Allied Advisory Services Inc. in San Diego, CA, as an investment advisor representative from July of 2012 to November of 2020, and was associated with First Allied Securities Inc. in Pasadena, CA, as a stockbroker from November of 2007 to September of 2022.

Yoon has been associated with Cetera Advisors LLC in Pasadena, CA, as a stockbroker since September 8, 2022, and has been associated with Cetera Investment Advisers LLC in Pasadena, CA, as an investment advisor representative since November 12, 2020.