Yoon Chung Subject of FINRA Investigation

Yoon Chung (CRD #: 5978168), a broker formerly registered with NYLIFE Securities, was investigated by FINRA, according to his BrokerCheck record, accessed on August 27, 2022. Keep reading if you want to know more about her conduct as a broker.

Investor Dispute

On July 20, 2022, FINRA filed a preliminary determination recommending that disciplinary action be taken against Yoon Chung, alleging that he violated FINRA 2010 by converting funds from the states of Arizona, Massachusetts, and Michigan.

FINRA alleges that Yoon Chung received unemployment benefits intended for other people to his personal bank accounts, under the direction of certain individuals. He allegedly believed that these funds were proceeds from unlawful activity and that he was participating in money laundering.

From July 10 through October 9, 2020, Yoon Chung allegedly received additional funds from third parties, also under the understanding that these were sent to him to launder. For these individuals, he allegedly transferred a portion of these funds to additional parties who he did not know.

FINRA also alleges that Yoon Chung used a portion of these funds to pay personal expenses without authorization.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of professional honor and just and equitable principles of trade.

Civil Lien

On June 6, 2019, Yoon Chung was subject to a $12,850.94 civil lien.

Background Information

Yoon Chung has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

In the past, he has worked for the following firms:

• NYLIFE Securities (CRD#:5167)
• Pruco Securities (CRD#:5685)
• AXA Advisors (CRD#:6627)

Kurta Law Can Help

If you worked with Yoon Chung and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.