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 @ 12:59 pm

By InvestmentNews

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.


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