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