A Wall Street Scam: How One Adviser Stole Millions and Got Caught

An ex‑Citi employee, Sung Moo “Sam” Cho, admitted to stealing $3. 5 million from a client’s life savings between 2023 and 2025. He used the money for expensive trips, jewelry, and to clear personal debts, while pretending it was a legitimate investment. Cho forged the client’s signature on transfer forms, bypassing compliance at both Ameriprise and Citi. He then routed the money to a Queens‑based account that belonged to a co‑conspirator, who returned part of the funds as a kickback.

When a client complained, regulators discovered the fraud. Citi fired Cho in April and reported his misconduct to FINRA, which banned him from working with any member firm for life. Cho pleaded guilty in federal court, waiving a trial and accepting potential prison time of up to 25 years—20 for wire fraud and five for investment adviser fraud. He is out on bail after posting $200, 000. The government seeks full restitution and plans to seize any luxury assets tied to the crime, even if they were bought with stolen money. The case highlights how quickly a trusted adviser can abuse client funds and the importance of strict oversight.

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