Financial Advisor Cho Pleads Guilty to Embezzlement Amid FINRA Expulsion

Former financial advisor Cho pleaded guilty to federal charges for misappropriating client funds, spending millions on luxuries and debts. FINRA permanently expelled him for fabricating statements and refusing to cooperate with investigations into his fraudulent activities.

When federal district attorneys filed a two-count criminal charge in the Eastern Area of New York City, Cho immediately waived his right to a trial and entered a straight guilty plea before United States District Judge Joan Azrack.

A now-deleted biography on Citi’s riches management site mentions that he joined the Jane Fraser-led firm in October 2025 from Ameriprise Financial after completing stints at Wells Fargo, JP Morgan Chase and Merrill Lynch.

FINRA Investigation & Sanction

“Without confessing or rejecting the searchings for, Cho granted the sanction and to the entry of searchings for that he refused to offer info and papers requested by FINRA in connection with its investigation right into, to name a few things, whether he misappropriated customer funds, created consumer trademarks, and falsified company records while connected with two member firms.” an entrance on his FINRA profile reads.

He victimized his unrevealed target between 2023 and 2025, spending the embezzled money on expensive vacations and costly precious jewelry, along with paying off trainee lendings and bank card debt, according to records uploaded on the Eastern Area of New York court docket.

“In truth, Cho used the swiped funds for individual costs and deluxe purchases, including repaying charge card financial obligation and pupil fundings, taking getaways, and acquiring pricey fashion jewelry,” according to district attorneys.

Misappropriation Details & Regulatory Expulsion

The governing expulsion strips Cho of his capacity to sign up as a broker or relate to any type of FINRA-member company in any capability, mentioning flagrant violations of regulations controling fundamental standards of commercial honor.

The College at Buffalo alum, a self-described “faithful and confident Jets, Mets and Nets fan,” informed the customer the funds went into a reputable financial investment and fabricated entirely fake account declarations that concealed the missing millions.

The bank ended him over “allegations entailing the elimination of customer directly recognizable details from firm systems to produce non-firm created statement that was supplied to a client in addition to refusal to accept an interior examination,” according to a regulative filing.