Category Archives: Unauthorized Trading

Churning, Discretionary Trading, Elder Financial Abuse, Failure to Supervise, FINRA, Independent Financial Group, Misrepresentation, Sandlapper Securities, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Kyusun Kim-Former Independent Financial Group Broker-Barred from FINRA-Discloses 19 Settled Customer Suits- Greenville, SC

June 2019- Greenville, SC

According to publicly available records, former Independent Financial and Sandlapper Securities  financial advisor Kyusun Kim,  discloses 19 settled and 4 pending customer disputes  and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In June 2018 FINRA (FINRA case 2017052705001) permanently barred Kim from the securities industry to resolve allegations that he made unsuitable recommendations to numerous senior customers, who were retiring or had retired. Kim recommended that these customers concentrate their retirement assets and liquid net worth in speculative and illiquid securities, according to FINRA.   Kim failed to disclose to his customers the risks associated  and as a result of these recommendations, Kim’s customers suffered substantial losses.

From December of 2007 until June 2013, 15 customers of Independent Financial Group brought cases alleging that Kim  forged signatures, made unsuitable recommendation, misrepresentation, violated state and federal securities laws, committed elder abuse, and other wrongful conduct.   These cases were collectively settled for over $3 million.

Between December 2016 and February 2018, four customers of Independent Financial Group filed cases alleging wrongful conduct, breach of fiduciary duty, breach of written contract, violations of federal and state securities laws in connection with investments,  unsuitable investments, breach of oral and written contract. Total damages on these pending cases exceed 1 million.

Kim  was employed by Sandlapper Wealth Management  from March 2016 until August of 2018 when he was discharged.   Kim was employed with Independent Financial Group in San Diego, CA from February of 2006 until March of 2016.

If you have losses in an account handled by Kyusun Kim, call to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

APW Capital, Discretionary Trading, Failure to Supervise, Merrill Lynch, Misrepresentation, Oppenheimer, Options, Stockbroker Discharged, Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments

Michael Lackwood-Former Oppenheimer Broker-Subject of Recently Filed Customer Suit

May 2019 – Dallas, TX

We recently filed a FINRA arbitration claim on behalf of a resident of Carrollton, Texas, against Oppenheimer & Co. , which seeks damages for the mishandling of an investment account by former Oppenheimer financial advisor Michael A. Lackwood.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Suit Alleges Lackwood Made Unauthorized & Risky Trades

The arbitration suit alleges that Lackwood made unsuitable recommendations including short term trading and a risky option trading strategy that resulted in substantial losses. The claim seeks damages of between $100,000-$500,000.

According to FINRA records, Lackwood was registered with Oppenheimer from 9/2011-7/2018. He is currently registered with APW Capital whose main office is located in Rockaway, NJ. Earlier in his career Lackwood was employed by Merrill Lynch where he was discharged in 8/2011 for conduct in connection with loans made by certain clients to other Merrill clients and to third parties. Lackwood discloses a business affiliation with Spring Delta Asset Management in New York.

If you have questions about an investment account handled by Michael Lackwood contact us for a no charge consultation to learn about your legal options for recovery of damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Capital Financial Services, Failure to Supervise, Finra Investigation of Stockbroker, Questar Capital Corporation, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Steven Knuttila-Former Capital Financial Services Broker-Discloses 2 Regulatory Events, 23 Customer Suits and a Termination-Perham, MN

March  2019 – Perham, MN

According to public records of Steven Roland Knuttila (CRD#3039112)  a  stockbroker previously employed by Capital Financial Services, Inc., disclose 2 regulatory events, 16 pending customer disputes, 23 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In June of 2018 Knuttila consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony relating to an investigation into allegations that he made unsuitable recommendations to customers.     As a result of this Knuttila has been permanently been barred from the securities industry by FINRA.

In April of 2018,  a regulatory action was initiated by the state of Minnesota alleging that Knuttila sold unsuitable investments to numerous clients.   Sanctions include a $40,000 in monetary penalties.  

From September 2010 until September 2018, twelve customer disputes were filed by customers of Questar Capital Corporation and Capital Financial Services, Inc. alleging various wrongdoing by Knuttila including  negligence, violations of the MN Uniform Securities Act, common law fraud, misrepresentation, breach of contract, unsuitable recommendations,  and breach of fiduciary duty.   The total paid out to settle these prior customer disputes was in excess of $1.78 million.

There are currently 16 pending customer suits  filed by customers of Questar Capital Corporation and Capital Financial Services, Inc. alleging various wrongdoing by Knuttila, including  unsuitable sales of alternative investments, breach of fiduciary duty, breach of contract, common law fraud, negligent hiring, poor investment advice, fraud, deceit, misrepresentation and omission of facts.   The alleged damages in these cases total more than $1.86 million .

Knuttila was with Capital Financial Services, Inc. from 6/2012-12/2017.   He also is the President and owner of Knuttila Financial Services. Prior to that he was with Questar Capital. In May of 2012, Knuttila was terminated from employment by Questar Capital Corporation after allegations that he failed to follow firm procedures regarding the reporting of customer complaints and he failed to follow firm procedures regarding the use of discretion.  

If you have questions about an account handled by  Steven Knuttila, contact us for a no charge consultation to learn how you may be able to recover damages from his employer through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, Lack of Due Diligence, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments, Voya (formerly ING)

James T. Flynn-Former VOYA Financial Broker-Subject of Numerous Customer Suits Involving REITs-Greenville, SC

March 2019-Greer , SC

Our law firm recently filed several FINRA arbitrations against former VOYA Financial Advisors broker James T. Flynn. The claims by his former customers allege that Flynn made unsuitable recommendations and over concentrated the customers’ accounts in real estate investment trusts and other alternative, non liquid investments.

Flynn’s FINRA records  currently disclose  a recent regulatory suspension, 7 pending customer dispute, 18 prior customer disputes, 2 terminations from employment, a chapter 13 bankruptcy filing in 2013 and 3 outstanding judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In September  2018, Flynn was permanently barred from the industry by FINRA for failing to respond to FINRA’s request for information in connection with a FINRA investigation.

Settlements with Flynn customers include:

In 12/2018 a customer of VOYA Financial was paid $50,000 to resolve allegations that Flynn made unsuitable investment recommendations beginning in 2014.

In 11/2018 a customer of VOYA Financial was paid $90,000 to resolve allegations that Flynn transferred assets from a 401K account into illiquid and unsuitable investments in violation of securities statutes.

In June 2018 a Voya Financial customer was paid $75,000 to resolve allegations that Flynn recommended unsuitable  alternative investments for the clients IRA and joint account.

In February 2018 a customer of Voya Financial Advisors was paid $32,912 to resolve allegations that a real estate investment trust (REIT) purchased in June 2015 was not suitable and that the customer was not aware of the risks involved or that the REIT wasn’t actively traded.

In September 2017 a customer of Voya Financial Advisors sought damages of $115,000, alleging that he questioned the suitability of real estate investment trusts (REITs) purchased in 2014 and 2015 and the replacement of a variable annuity policy. Voya paid the customer $167,673 to resolve the case in 9/2017.

In another recently resolved matter,  a customer of Voya Financial and Brookstone Securities alleged damages in connection with a $575,000 investment in annuities and real estate investment trusts (REITs). The customer alleged that they should not have been allowed to invest all of their retirement funds in unsuitable investments. In 8/2017, Voya paid the customer $196,788 to resolve the matter.

In February 2017  Flynn was discharged from Voya Financial Advisors who made the following allegation in connection therewith: “The representative provided misleading information to the Firm during a complaint investigation” related to a variable annuity.

Most recently, in 2/2018, Flynn was discharged from IFS Securities. The firm made the following allegation in connection with Flynn’s discharge: “Client alleges trading ahead of authorization.”.

Flynn discloses outstanding Federal Tax Liens of $256,165 and $18,837 and a Chapter 11 bankruptcy filing in 2013.

Jim Flynn, who is not currently registered, was employed by  IFS Securities from 2/2017-2/2018. . He was registered with Voya Financial Advisors 5/2013-2/2017, Capital Investment Group in Greer, SC, 7/2011-6/2013 and Brookstone Securities 9/2006-7/2011. Flynn discloses a business affiliation with Flynn Insurance Group and Flynn Wealth Management in Greenville, South Carolina.

If you have losses or questions about an account  handled by James  (Jim) T. Flynn , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration. If you have information you believe would be helpful to our ongoing investigation of Jim Flynn, we would appreciate hearing from you.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870