Former Citigroup and Ameriprise Advisor Sung Moo “Sam” Cho Barred by FINRA and Pleads Guilty to Stealing $3.5 Million From a Customer

• October 14, 2026
• Citigroup Global Markets

Sung Moo “Sam” Cho (CRD# 5015906) was previously registered as a broker and investment adviser representative with Citigroup Global Markets Inc. in New York, New York, and before that with Ameriprise Financial Services, LLC in Hauppauge, New York. According to his FINRA BrokerCheck report, FINRA permanently barred Cho in June 2026 after he refused to provide information and documents in an investigation into whether he misappropriated customer funds, forged customer signatures, and falsified firm documents. According to published reports, Cho also pleaded guilty in federal court in Brooklyn to wire fraud and investment adviser fraud for stealing approximately $3.5 million from a client.

Broker’s History

BrokerCheck shows that Cho entered the securities industry in 2006 and was registered with ten firms over roughly 20 years:

• Andrew Garrett Inc. (May 2006 to September 2006)
• Merrill Lynch, Pierce, Fenner & Smith Incorporated (November 2006 to May 2007)
• Chase Investment Services Corp. (July 2007 to November 2009)
• Wells Fargo Advisors, LLC (November 2009 to April 2014)
• CUSO Financial Services, L.P. (April 2014 to July 2014)
• Mutual of America Securities LLC and Mutual of America Life Insurance Company (October 2014 to July 2018)
• Joseph Stone Capital L.L.C. (June 2018 to February 2021)
• Ameriprise Financial Services, LLC (CRD# 6363) (January 2021 to October 2025)
• Citigroup Global Markets Inc. (CRD# 7059) (October 2025 to May 2026)

He passed the Series 7, Series 63, Series 65, Series 66, and SIE examinations. BrokerCheck lists three disclosures: one regulatory action, one employment separation after allegations, and one customer dispute.

FINRA Bar (June 2026)

Cho entered into a Letter of Acceptance, Waiver, and Consent (AWC) (No. 2026090120801), and BrokerCheck reports that the bar took effect on June 25, 2026. Cho consented to the sanction and the findings without admitting or denying them.

According to BrokerCheck:

• The matter originated from a customer complaint to FINRA alleging that Cho misappropriated approximately $3.5 million from the customer’s brokerage accounts.
• FINRA was investigating, among other things, whether Cho misappropriated customer funds, forged customer signatures, and falsified firm documents while associated with two member firms.
• Cho refused to provide the information and documents FINRA requested in that investigation.
• FINRA imposed a permanent bar from associating with any FINRA member in all capacities.

The bar rests on Cho’s refusal to cooperate with FINRA’s investigation. FINRA did not make findings on the underlying misappropriation, forgery, or falsification allegations.

Termination by Citigroup (April 2026)

BrokerCheck discloses that Citigroup discharged Cho on April 14, 2026, roughly six months after he joined the firm. Citigroup reported that the termination followed allegations that he:

1. Removed customer personally identifiable information from firm systems to create a statement that was not generated by the firm, which was then provided to a client
2. Refused to cooperate with an internal investigation

These are allegations reported by the firm on Cho’s termination disclosure and are not findings by a regulator or tribunal. BrokerCheck shows his registration with Citigroup ended on May 13, 2026.

According to InvestmentNews, a Citigroup spokesperson said Cho was employed by the firm only for the last three months of 2025 and was terminated in early 2026. An Ameriprise spokesperson said Cho was an independent associate financial advisor rather than an Ameriprise employee, that his alleged misconduct was deliberately concealed from the firm, and that Ameriprise is cooperating with law enforcement.

Federal Criminal Case

According to an InvestmentNews report citing court filings in the U.S. District Court for the Eastern District of New York, as reported by the New York Post:

• Cho pleaded guilty on June 15, 2026 to wire fraud and investment adviser fraud.
• The victim was a client who lives in Franklin Lakes, New Jersey.
• Between 2023 and 2025, Cho allegedly forged the client’s signature on authorization forms to cause unauthorized wire transfers out of the client’s account, bypassing compliance controls at both firms.
• The funds were allegedly wired to a company bank account in Queens, New York, rather than to an account in Cho’s own name.
• Cho allegedly used the money for vacations, jewelry, student loans, and credit card debt.
• Cho faces up to 25 years in prison and was released on a $200,000 bond after surrendering his passport.

The alleged conduct spans Cho’s time at Ameriprise (through October 2025) and his time at Citigroup (beginning October 2025), which is consistent with BrokerCheck’s reference to conduct while associated with two member firms. A sentencing date has not been reported.

Other Disclosures

BrokerCheck also reports a 2009 customer dispute in which a client alleged a misrepresentation involving a managed account investment. The client requested $10,343.47 in damages, and the dispute settled for $153.

Misappropriation, Forgery, and the Applicable FINRA Rules and Legal Standards

The conduct described in Cho’s regulatory and criminal records, taking a customer’s money through forged authorizations and falsified documents, implicates several FINRA rules and legal standards.

Improper use of customer funds (FINRA Rules 2150(a) and 2010). Rule 2150(a) prohibits any member or associated person from making improper use of a customer’s securities or funds. Rule 2010 requires adherence to high standards of commercial honor and just and equitable principles of trade. FINRA treats conversion, the intentional and unauthorized taking of another person’s property, as among the most serious violations a broker can commit, and a bar is the standard sanction.

Forged signatures and falsified records (FINRA Rules 4511 and 2010). Rule 4511 requires member firms to make and preserve accurate books and records. A representative who forges a customer’s signature on an authorization form, or creates a statement that does not come from the firm, causes the firm’s records to be false and deprives the customer of accurate information about the account. FINRA regards forgery and falsification as violations of Rule 2010 and, where firm records are affected, Rule 4511.

Duty to cooperate with FINRA (FINRA Rule 8210). Rule 8210 requires associated persons to provide information and documents, and to give testimony, when FINRA requests them in an investigation. Under FINRA’s Sanction Guidelines, a bar is the standard sanction for an individual who does not respond at all. A bar for refusing to cooperate often follows allegations of serious misconduct, because the representative chooses to leave the industry rather than answer FINRA’s questions.

Fiduciary duty of an investment adviser. Cho was registered as both a broker and an investment adviser representative, and he pleaded guilty to investment adviser fraud. Section 206 of the Investment Advisers Act of 1940 prohibits investment advisers from engaging in any scheme to defraud a client or any practice that operates as a fraud on a client. Investment advisers owe their clients a fiduciary duty of loyalty and care, and taking a client’s money for personal use is a fundamental breach of fiduciary duty.

The brokerage firm’s supervisory obligations (FINRA Rule 3110). Rule 3110 requires every member firm to establish and maintain a supervisory system reasonably designed to achieve compliance with the securities laws and FINRA rules, including procedures for reviewing the movement of customer funds out of customer accounts. Large or repeated wire transfers from a customer’s brokerage account to an unrelated company are the type of “red flag” that firms are expected to investigate. FINRA’s action against Cho makes no findings against Ameriprise or Citigroup. Ameriprise has described Cho as an independent associate rather than an employee, but FINRA’s rules treat a representative as an associated person of the firm regardless of whether he is an employee or an independent contractor, and the firm’s supervisory obligations apply either way. In theft cases, firms often argue that the representative concealed his conduct, and investors may respond that the firm failed to supervise the representative or ignored red flags.

What This Means for Investors

Registered representatives and investment adviser representatives may never use customer funds for their own purposes, forge customer signatures, or create statements that do not come from the firm. Firms, in turn, must supervise their representatives and the movement of customer money. Investors who worked with Cho at Ameriprise, Citigroup, or any of his prior firms and who see wire transfers they did not authorize, signatures on forms they do not recognize, or account statements that look different from the firm’s official statements may wish to review their account records. These may involve broker theft or other stockbroker misconduct. Depending on the facts, investors may be able to recover losses through FINRA arbitration.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal, is a trial lawyer who has handled more than 1,000 securities cases. Contact us at 800.931.8452 or mwolper@wolperlawfirm.com.