Jim Jinkook Seol of Irvine California a stockbroker formerly employed by Ameriprise Financial Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a National Adjudicatory Council Decision which affirmed FINRA’s Hearing Panel’s Decision containing findings that Seol sold away from his firm and engaged in unapproved outside business activities. In the Matter of Department of Enforcement v. Jim Jinkook Seol Decision No. 2014039839101 (Mar. 5, 2019).
According to the Hearing Panel Decision, Seol reportedly engaged in outside business activities and sold away from his firm. Seol reportedly formed a business so that he could attract foreign investors to United States investments through the EB-5 program offered by the United States government. The EB-5 program evidently enabled investors to procure a United States visa if the investor made investments in projects spawning jobs in the United States.
Evidently, Seol solicited $100,000,000.00 in limited partnership interest purchases through outside investors. FINRA found that Seol’s activities in this respect constituted private securities transactions which Seol failed to disclose to Ameriprise. The Order revealed that it was not until FINRA and Securities and Exchange Commission (SEC) launched an investigation into Seol’s activities that he disclosed his solicitation of the limited partnership interests to Ameriprise.
Additionally, the Order stated that Seol’s outside business activities were never made known to Ameriprise when Seol completed three of the firm’s annual compliance questionnaires. Indeed, Seol hid those activities from the firm’s compliance examiner and supervisor for several years. After Seol confessed to his involvement in the unapproved activities, Ameriprise discharged him for violating the firms policies.
FINRA Public Disclosure confirms that Seol has been identified in five customer initiated investment related disputes containing accusations of his misconduct while employed with Ameriprise. Specifically, on July 22, 2003, a customer filed an investment related complaint involving Seol’s conduct in which the customer sought $42,153.55 in damages based upon allegations of Seol’s misrepresentation of a fixed annuity policy.
On September 24, 2003, another customer filed an investment related complaint concerning Seol’s activities where the customer requested $13,419.44 in damages supported by accusations of Seol making bad investment recommendations concerning variable life products purchased by the customer. Further, a customer initiated investment related arbitration claim regarding Seol’s conduct was resolved for $500,000.00 in damages based upon allegations that the customer was provided inappropriate recommendations regarding speculative mutual fund products; and the customer was placed into an unnecessary life insurance policy. National Association of Securities Dealers (NASD) Arbitration No. 1200035261 (Sept. 12, 2006). On June 7, 2013, another customer filed an investment related complaint regarding Seol’s conduct in which the customer sought $80,277.67 in damages based upon accusations of the customer being placed in unsuitable real estate security and variable annuity products.
