Jihoon Park, Former MML Broker, Allegedly Converted Funds
Jihoon Park (CRD# 6535514), formerly a broker registered with MassMutual, made unsuitable investment recommendations and converted funds, according to an investor dispute. MDF Law is investigating the former Fairfax, Virginia-based financial professional for similar conduct. Former clients with concerns about their investments are encouraged to call us for a free consultation.
To learn more about the allegations involving Mr. Park, keep reading this post. The details below are sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record examined on February 13, 2025.
Pending Dispute Seeks $2.6 Million in Damages
On November 4, 2024, an investor lodged a dispute involving Mr. Park. In this claim, they alleged that he unsuitably recommended the customer invest proceeds from her life insurance and divorce settlement in cryptocurrency. Then, the claimant alleges, he “stole and converted her life savings from those investments.” The dispute, which is still pending, seeks $2,658,000 in alleged damages.
What Is Conversion?
As FINRA’s rules and guidance outline, conversion denotes the “intentional and unauthorized taking of and/or exercise of ownership” of customer funds and/or securities. When brokers convert investor funds, they violate FINRA Rule 2150(a). This rule forbids brokers from making improper use of their clients’ funds. It also violates FINRA Rule 2010, under which brokers like Mr. Park must “observe high standards of commercial honor and just and equitable principles of trade.”
Understanding FINRA’s Suitability Rule
The dispute involving Mr. Park also alleges unsuitable investment recommendations. This refers to FINRA’s suitability standard, one of the securities industry’s many vital investor protections. As FINRA Rule 2111 makes clear, brokers are required to recommend investments and/or strategies tailored to a client’s profile. A customer’s profile encompasses a variety of factors, including their net worth, investment objectives, risk tolerance, and liquidity needs. A similar but distinct rule is the SEC’s Under Regulation Best Interest. Under this standard, brokers must “exercise reasonable diligence, care, and skill, to understand the potential risks, rewards, and costs” to ensure a recommendation is in the customer’s best interest.
FINRA: Jihoon Park Last Based in Fairfax, Virginia
Mr. Park launched his career as a broker, when he registered with MML Investors Services, also known as MassMutual, in 2016. He remained at the firm’s Fairfax, Virginia office until his departure in 2022, since when he has remained unregistered with any broker-dealer firm. With six years of experience as a broker, he has completed two industry exams, including the Series 6.
Investment Losses? Contact MDF Law for a Free Consultation
MDF Law’s team of experienced investment fraud attorneys has recovered more than $100 million in losses for their clients. If you have have concerns regarding cryptocurrency or other investments recommended by Jihoon Park, call our team to discuss your options. Our lawyers provide free consultations across the US. Your time to lodge an arbitration claim may be limited, so call 800-767-8040 to chat with MDF Law today.