Steven Bae Cho (CRD #2610257) Has Customer Dispute Disclosures on FINRA BrokerCheck

Steven Bae Cho (CRD #2610257) is a broker with customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 5, 2026. It reflects three customer disputes. If you invested with Steven Bae Cho and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Steven Cho’s FINRA BrokerCheck report reflects three customer dispute disclosures. Summaries of two disputes are below:

On December 30, 2025, a customer alleged Steven Cho made an unsuitable recommendation and misrepresented facts. FINRA BrokerCheck lists the activity period as April 29, 2019 to September 20, 2020. The customer sought $100,000 in damages. BrokerCheck lists the product as a private investment closed-end fund. This matter is pending and is listed under FINRA arbitration docket 25-02731.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 (Suitability) requires a reasonable basis for recommendations, including whether an investment fits the customer’s profile and goals. Suitability complaints can raise questions about risk, liquidity, and time horizon. Read FINRA Rule 2111

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 is a broad conduct rule. It requires firms and associated persons to observe high standards of commercial honor and just and equitable principles of trade. Misrepresentation claims may focus on whether communications were fair and accurate. Read FINRA Rule 2010

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.
2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.
3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.
4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Steven Cho:

Is currently registered with Herbert J. Sims & Co., Inc.

Is also registered as an investment adviser representative with Herbert J. Sims Capital Management, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Steven Cho has passed Series 7. He has also passed Series 65 and Series 63.

Was previously registered with David Lerner Associates, Inc.

Kurta Law Can Help

If you have worked with Steven Cho and you have concerns about your investments, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Variable Annuities | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.