Broker Investigation: Justin Yoon

Justin Taejun Yoon (CRD#: 3258911) is a securities broker who is currently registered with the Financial Industry Regulatory Authority (FINRA). This broker is licensed to sell securities in 18 different states, including in California, Florida, Illinois, New Jersey, New York, and Texas.

As of March 1st, 2018, FINRA records indicate that Mr. Yoon is employed as a broker at Hennion & Walsh, Inc (CRD#: 25766), a brokerage firm that is based in Parsippany, New Jersey.

According to FINRA records, there are two disclosures on Mr. Yoon’s official Brokercheck report. Here, our legal team highlights these two disclosures. All information below has been taken directly from FINRA’s public records.

Customer Complaints: Justin Yoon

Allegation: Unsuitable Investments

On November 27th, 2018, a customer filed a legal complaint against Justin Yoon. According to information provided by FINRA, this investor alleges that Mr. Yoon recommended unsuitable municipal bonds. More specifically, the investor alleges that this misconduct occurred between the years 2009 and 2017.

When selecting or recommending bond investments for customers, brokers have a professional obligation to ensure that they are picking investments that are truly suitable for the needs of their customers. Indeed, under FINRA Rule 2111, brokers and brokerage firms can be held legally liable if their clients sustain financial losses as a result of an unsuitable investment.

What constitutes a ‘suitable investment’ will vary widely depending on the specific investor who is involved in the case. Brokers must consider a wide range of information when picking investments that are appropriate for their customers, including an investor’s:

• Age;
• Income;
• Anticipated future earnings;
• Investment experience;
• Investment objectives;
• Retirement goals; and
• Level of personal risk tolerance

As of March 1st, 2018, FINRA lists this complaint as ‘pending’. No resolution has yet been reached in this case. In addition, Mr. Yoon and his member firm, Hennion & Walsh, have provided FINRA with no public comment pertaining to these allegations. When further resolution is reached in regards to this claim, this broker’s records will be updated by FINRA.

Allegation: Unsuitable Investments

Mr. Yoon has faced a previous allegation of recommending unsuitable investments to an investor. On August 18th, 2015, clients of Mr. Yoon filed a complaint, claiming that the bonds that he purchased on their behalf were unsuitable investments for their individual needs. In this case, Mr. Yoon and his employer provided comments regarding the claim “these allegations are without merit and we will vigorously defend ourselves.”

Eventually, this unsuitable investment claim was settled by both parties. FINRA records indicate that the customers of Mr. Yoon were originally seeking $200,000 in financial compensation to resolve the claim. FINRA records also show that this unsuitable investment complaint was actually settled for $40,000.

We Protect Investors Nationwide

At the Sonn Law Group, our skilled investment fraud attorneys are proud to be fierce advocates for investors throughout the United States. If you lost money due to the misconduct of a broker or brokerage firm, please contact a member of our law firm today for a free examination of your claim.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.