FINRA barred broker Steven Yi of San Diego, California for failing to respond to FINRA's repeated requests for information pertaining an investigation into a customer complaint against Yi while he was registered with TD Ameritrade, Inc.
According to the investigation, a TD Ameritrade customer filed a complaint in 2012 in which the customer alleged that Yi borrowed $96,000 and made himself a beneficiary of the customer's brokerage account without her knowledge or consent.
Yi subsequently left the firm before the investigation's conclusion and, accordingly, without the discovery of any evidence of wrongdoing.
However, when FINRA attempted to contact Yi regarding the allegations, he failed to provide information to investigators pursuant to FINRA Rule 8210.
Because of Yi's failure to respond multiple times, FINRA's Office of Hearing Officers issued the default decision barring Yi from the industry.
If you have invested with Steven Yi or with any broker or adviser whose unauthorized borrowing of funds or engagement in other illicit conduct without your knowledge or consent has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.