FINRA Bars Broker Sung Moo Cho Amid $3.5 Million Misappropriation Allegations
The White Law Group is investigating potential securities claims involving Sung Moo Cho (also known as Sam Cho), CRD# 5015906, a previously registered broker and investment adviser who was reportedly barred by FINRA in 2026. The bar followed Cho’s refusal to cooperate with a FINRA investigation into allegations that he misappropriated approximately $3.5 million from a customer’s brokerage accounts, forged customer signatures, and falsified firm documents while associated with Ameriprise Financial Services and Citigroup Global Markets. If you suffered investment losses related to Sung Moo Cho, our FINRA arbitration attorneys are available for a free consultation.
FINRA Investigation and Permanent Bar
According to FINRA’s findings, this matter originated from a customer complaint alleging that Cho misappropriated approximately $3.5 million from the customer’s brokerage accounts. In connection with its investigation into the alleged misappropriation, forgery of customer signatures, and falsification of firm documents, FINRA issued two formal requests for information and documents under FINRA Rule 8210.
On May 15, 2026, FINRA sent Cho a Rule 8210 request letter with a production deadline of June 1, 2026. Cho failed to provide any of the requested information or documents by that deadline. On June 2, 2026, FINRA issued a second request letter with an extended deadline of June 16, 2026. Cho again failed to produce anything. Through his counsel’s email to FINRA on June 10, 2026, Cho acknowledged receipt of the requests and confirmed he would not comply.
By refusing to cooperate, Cho violated FINRA Rules 8210 and 2010 and was permanently barred from associating with any FINRA member firm in any capacity.
Employment History and Termination
Cho’s BrokerCheck record reflects nearly 20 years in the securities industry across 10 firms. His most recent registrations were with Citigroup Global Markets Inc. (October 2025 – May 2026) and Ameriprise Financial Services, LLC (January 2021 – October 2025), both based in the New York area. Prior employers include Joseph Stone Capital, Mutual of America Securities, CUSO Financial Services, Wells Fargo Advisors, Chase Investment Services, and Merrill Lynch.
On April 14, 2026, Cho was discharged from Citigroup following allegations that he removed customer personally identifiable information from firm systems to create non-firm-generated statements provided to a client, and that he refused to cooperate with an internal investigation. His BrokerCheck record also reflects a customer dispute that was settled in 2009.
What These Allegations Mean for Investors
The allegations against Cho — misappropriating customer funds, forging signatures, and falsifying documents — represent some of the most serious forms of broker misconduct. Investors who worked with Cho at Ameriprise, Citigroup, or any of his prior firms and experienced unexplained account losses, unauthorized transactions, or discrepancies in account statements should review their records carefully.
When a broker engages in misconduct, the brokerage firm that employed and supervised that broker may also bear liability. Firms have a duty to supervise their registered representatives and can be held responsible for investor losses resulting from supervisory failures.
How to Recover Investment Losses Through FINRA Arbitration
Investors who suffered losses due to broker misconduct may be able to recover damages through FINRA arbitration. Unlike class action lawsuits — which often result in minimal per-claimant recoveries — individual FINRA arbitration allows investors with significant losses to pursue claims directly against the broker and, in many cases, the employing firm. Claims are generally subject to a six-year eligibility window from the date the events occurred.
Contact The White Law Group
The White Law Group is a national securities fraud and investment loss recovery law firm with offices in Chicago and Seattle. Since 2010, our firm has handled over 800 FINRA arbitration cases involving investment fraud, unsuitable recommendations, and broker misconduct.
If you suffered losses related to Sung Moo Cho or have concerns about your brokerage account, call us today at (888) 637-5510 for a free consultation, or contact us online.
Frequently Asked Questions
Why was Sung Moo Cho barred by FINRA?
FINRA permanently barred Sung Moo Cho (CRD# 5015906) after he refused to provide information and documents requested under FINRA Rule 8210 in connection with an investigation into allegations that he misappropriated approximately $3.5 million from a customer, forged customer signatures, and falsified firm documents while associated with Ameriprise and Citigroup.
Can I recover investment losses related to Sung Moo Cho?
If you suffered losses in accounts managed by Sung Moo Cho, you may be able to recover damages through FINRA arbitration. In addition to any claim against Cho directly, his former employing firms — including Ameriprise and Citigroup — may also face liability if they failed to adequately supervise his activities. An experienced securities attorney can help evaluate your options.
How do I find out if my broker has complaints or a disciplinary history?
You can search any broker’s disciplinary history, complaints, and employment record for free through FINRA’s BrokerCheck at brokercheck.finra.org. Search by name or CRD number — Sung Moo Cho’s CRD number is 5015906.
