Finra fines former Merrill rep $5,000 over outside crypto trading

Finra fines former Merrill rep $5,000 over outside crypto trading
Kyung Soo Kim, no longer employed in industry, also suspended for one month.
JUN 14, 2019

The Financial Industry Regulatory Authority Inc. has fined former Merrill Lynch representative Kyung Soo Kim $5,000 and suspended him for one month for engaging in cryptocurrency trading at a firm he created outside Merrill Lynch that he did not disclose. (More:Finra makes its first cryptocurrency bust) Merrill Lynch discharged Mr. Kim on March 14, 2018 for, in part, failing to disclose this outside business activity, Finra noted in a letter of acceptance, waiver and consent. That disclosure failure violated Finra rules. In Mr. Kim's BrokerCheck record, Merrill Lynch also alleges that he altered a client document. Mr. Kim began his securities career in 2007. After working at two firms for a brief time, he joined UMB Financial Services in 2008, and then Merrill Lynch in 2014.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound