Hyun Sik Cho, of Dewitt, New York, a stockbroker formerly registered with Pruco Securities, L.L.C., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he partook in unauthorized loan transactions with customers. Letter of Acceptance, Waiver and Consent, No. 2016051752001 (Jan. 27, 2017).
According to the AWC, Cho was sent a request from FINRA, based on FINRA Rule 8210, which called upon Cho to provide personnel with recorded testimony on January 18, 2017, concerning allegations that Cho was a recipient of at least $100,000.00 in loans from Pruco Securities’ customers without the firm’s knowledge or consent.
The AWC stated that on January 11, 2017, counsel for Cho responded to FINRA’s request, in which FINRA was informed that Cho understood the request but would not be cooperating by providing recorded testimony at any point. FINRA held that Cho’s failure to cooperate in this regard was conduct violative of FINRA Rules 2010 and 8210, which led to his permanent bar.
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