Former Ameriprise Financial and Citigroup broker Sung Moo Cho, also known as Sam Cho, was barred by FINRA in June 2026 after a customer complaint alleged he misappropriated approximately $3.5 million from brokerage accounts. Cho later pleaded guilty to wire and investment fraud in federal court.
What happened
Cho, CRD number 5015906, worked as a general securities representative at Ameriprise Financial Services from January 2021 through October 2025. He then moved to Citigroup Global Markets, where he remained registered from October 2025 until May 2026. On May 13, 2026, Citigroup filed a Form U5 terminating Cho and disclosing allegations that he removed customer personally identifiable information from firm systems and created non-firm-generated statements.
The allegations spanned both firms. FINRA’s investigation examined whether Cho forged customer signatures and falsified firm documents while registered with Ameriprise and Citigroup. When FINRA sent him Rule 8210 request letters demanding documents and information, Cho informed the regulator through counsel that he would not comply. FINRA found this refusal violated Rule 8210 and Rule 2010, which requires associated persons to observe high standards of commercial honor.
Key facts
| Detail | Information |
|---|---|
| Broker | Sung Moo Cho (Sam Cho) |
| CRD | 5015906 |
| Firms | Ameriprise Financial (2021-2025), Citigroup (2025-2026) |
| Alleged loss | $3.5 million |
| Guilty plea | June 15, 2026, Brooklyn federal court |
| FINRA sanction | Barred, June 2026 |
| Years in industry | 19 |
The alleged scheme
Federal prosecutors alleged that between 2023 and 2025, Cho stole $3.5 million from a Franklin Lakes, New Jersey client. He told the client that funds were being used for legitimate investment purposes. In reality, Cho allegedly wired the money to an outside company where a co-conspirator transferred the funds to Cho’s personal accounts.
According to court documents and the FINRA settlement letter, Cho used the stolen funds to pay off credit card debt and student loans, fund vacations, and purchase expensive jewelry. He also allegedly forged customer signatures and falsified firm documents while registered with both Ameriprise and Citigroup. At Citigroup, he allegedly removed customers’ personally identifiable information from firm systems to create non-firm-generated statements for clients.
Red flags that should have been caught
Cho’s alleged misconduct displayed several warning signs that investors and compliance departments should recognize. He removed customer personally identifiable information from firm systems, a clear policy violation. He created non-firm-generated statements, which should have triggered immediate internal review. He also allegedly forged signatures on documents authorizing transfers.
The fact that the alleged misconduct continued after Cho changed firms raises questions about supervisory continuity. When a representative switches broker-dealers, the receiving firm must verify account records and confirm that the new hire’s client relationships are properly documented. The receiving firm should also review the broker’s prior complaint history and any disclosures on their BrokerCheck record.
What affected investors can do now
Investors who worked with Sung Moo Cho at Ameriprise Financial or Citigroup should review their account history for unauthorized withdrawals, transfers, or suspicious transactions. Preserving all original account statements, trade confirmations, and correspondence is critical for any potential recovery claim. Investors should also request a complete transaction history directly from the firm, not only from the representative.
Comparing records held by the broker-dealer against statements received directly from banks or other linked accounts can reveal discrepancies. Any signatures on transfer authorizations that the investor does not recognize should be flagged immediately.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in cases involving misappropriation and unauthorized account activity. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
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