Former Citigroup Advisor Justin Kim Barred by FINRA Amid Insider Trading Allegations

Former Citigroup Advisor Justin Kim Barred by FINRA Amid Insider Trading Allegations

Former investment banker Justin G. Kim, also known as Gyunho Kim, has reportedly been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) after refusing to provide documents and information requested during a regulatory investigation.

According to FINRA, Kim refused to comply with a request for information under FINRA Rule 8210, which authorizes the regulator to require testimony, documents, and other information during investigations. Because Kim declined to produce the requested materials, FINRA determined that he violated FINRA Rules 8210 and 2010, resulting in a permanent bar from associating with any FINRA member firm in all capacities.

The investigation originated from FINRA’s review of a Form U5 termination notice filed by Citigroup Global Markets Inc., Kim’s former employer.

FINRA Investigation and Refusal to Provide Documents

FINRA Rule 8210 gives regulators broad authority to require information from brokers and associated persons during investigations or examinations.

On January 23, 2026, FINRA sent a formal request to Kim seeking documents and information as part of its investigation. According to regulatory records, Kim acknowledged through counsel that he had received the request but would not produce the requested information or documents. Because of that refusal, FINRA concluded that Kim violated Rules 8210 and 2010 and imposed a permanent industry bar.

Justin Kim’s Employment History With Citigroup Global Markets

Public records show that Justin Kim (CRD #6703704 )was previously registered with FINRA through two major financial institutions.

His registration history includes:

• Citigroup Global Markets Inc. (December 2023 – January 2026)
• Lazard Frères & Co. LLC (September 2021 – August 2023)

On January 2, 2026, Citigroup filed a Uniform Termination Notice for Securities Industry Registration (Form U5) with FINRA reporting that Kim had been terminated for:

“Failure to report arrest in accordance with Code of Conduct and Employee Handbook.”

The filing also disclosed that a pending regulatory matter existed at the time of the termination.

Although Kim is no longer registered with a FINRA member firm, he remained subject to FINRA’s jurisdiction during the investigation.

SEC Charges: Insider Trading and Market Manipulation Scheme

Separate from FINRA’s enforcement action, the U.S. Securities and Exchange Commission has filed a civil complaint alleging that Kim participated in a large insider trading scheme that generated approximately $41 million in profits. Insider trading is a serious form of investment fraud and a white-collar crime, involving trading stocks based on material, non-public information.

According to the SEC, Kim tipped a close associate with material nonpublic information (MNPI) regarding upcoming corporate acquisitions while working as an investment banker.

Regulators allege that Kim provided confidential deal information to Muhammad Saad Shoukat, who then traded on the information and passed it along to others. According to the SEC complaint, the group traded ahead of nine potential corporate acquisitions, producing approximately $41 million in combined profits.

The SEC alleges that Kim received personal benefits for providing the tips, including a Rolex watch, career advice, and assistance with editing a confidential work project.

Additional Allegations Involving Market Manipulation

The SEC complaint also describes two market manipulation schemes involving members of the same trading network.

One scheme allegedly involved Olema Pharmaceuticals, Inc., where defendants are accused of impersonating physicians and breast cancer patients online to obtain confidential clinical trial information before publishing falsified results.

Another scheme allegedly involved Opiant Pharmaceuticals, Inc., where defendants allegedly published a false press release announcing a fictitious partnership, which temporarily inflated the company’s stock price.

Criminal Charges Against Justin Kim

In addition to the SEC’s civil case, federal prosecutors have filed criminal charges against Kim.

The criminal indictment includes several counts, including:

• Conspiracy to commit securities fraud
• Conspiracy to commit insider trading
• Securities fraud
• Wire fraud

Conspiracy to commit wire fraud If convicted, these charges could carry substantial prison sentences and financial penalties.

Investor Rights and Securities Fraud Claims

The securities fraud attorneys at The White Law Group, LLC represent investors nationwide in cases involving broker misconduct, insider trading, and market manipulation.

Investors who suffer losses due to misconduct by brokers or financial professionals may be able to pursue recovery through FINRA arbitration or other legal remedies. Please call our offices for a free consultation at 888-637-5510.