Citi slicker: Rogue Wall Street adviser steals $3.5M from client to fund lavish lifestyle
Rogue Investment Adviser Admits to Stealing $3.5 Million from Client
An ex-Citi money man, Sung Moo “Sam” Cho, faces a potential 25-year prison sentence after confessing to embezzling $3.5 million from a client’s life savings. Court documents reviewed by The Post revealed the details of the scheme.
Cho, 44, pleaded guilty to wire and investment fraud in Brooklyn federal court for stealing the funds from a wealthy resident of Franklin Lakes, NJ, between 2023 and 2025. The money was used to support Cho’s extravagant lifestyle, including luxury vacations, expensive jewelry, and paying off debts.
Despite working at reputable firms like Ameriprise and Citi, Cho managed to bypass internal compliance measures by forging the client’s signature on authorization forms. He orchestrated unauthorized wire transfers to a company bank account in Queens to conceal his tracks.
The fraudulent activities came to light when a customer complaint reached regulators, leading to Cho’s termination from Citigroup. He was also banned for life by FINRA for obstructing their investigation.
Cho’s LinkedIn profile, where he refers to himself with “he/him” pronouns, ironically boasts about client-centric service despite his criminal actions. In a court appearance, Cho waived his right to trial and admitted guilt to the charges brought against him.
Under federal law, wire fraud carries a maximum penalty of 20 years in prison, while investment adviser fraud carries a maximum of five years. Cho remains free on bail but faces the possibility of having to provide full restitution to the victim.
The US Attorney’s Office for the Eastern District of New York is working towards recovering any assets tied to the fraud, including luxury items or cash. If Cho has already spent the stolen money, the government reserves the right to seize his personal assets as compensation.
Efforts to reach Citi, Ameriprise, and Cho’s lawyer for comments have been made, but responses are pending.
