The Financial Industry Regulatory Authority has barred Hojin Kyung of San Diego, California for the alleged misappropriation of customer funds while Kyung was associated with Farmers Financial Solutions LLC as an insurance agent for Famers Insurance Group. Since the alleged violative action, Kyung founded an independent insurance firm in the San Diego area.
The FINRA Office of Hearing Officers issued a default decision after Kyung failed to respond to multiple investigation inquiries and Complaints.
According to the Department of Enforcement, in 2009, Kyung accepted a total of $3,443.57 in checks from multiple Farmers clients. The complaint states that Kyung then deposited a significant portion of this amount into his own personal trust account, allegedly using the money for his own purposes while missing premium payments he was supposed to have been making on behalf of his customers.
According to Enforcement, the standard sanction for the illicit conversion of customer funds—also called misappropriation of funds—is banishment from the industry, regardless of the amount converted.
If you have invested with Hojin Kyung while at Farmers or with any other broker, agent or firm who you suspect improperly converted your funds for inappropriate personal or business expense use, and subsequent missed premium payments or other resulting activity has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.