A former financier from Citi could face up to 25 years in prison if he acknowledges stealing $3.5 million from the life savings of a client he was supposed to trust, as indicated by court documents.
Sung Moo “Sam” Cho, 44, admitted guilt on June 15 in federal court in Brooklyn, pleading guilty to charges of wire and investment fraud. He was found to have taken money from wealthy residents in Franklin Lakes, New Jersey, to support his extravagant lifestyle, according to filings.
From 2023 to 2025, he exploited anonymous victims, splurging embezzled funds on luxurious vacations, pricey jewelry, and even settling student loans and credit card debt, as detailed in court records from the Eastern District of New York.
A biography previously listed on Citi’s wealth management site, which has since been removed, noted that he joined the firm from Ameriprise Financial in October 2025, following tenures at Wells Fargo, JPMorgan Chase, and Merrill Lynch.
The fraudulent activities transpired while he was with both Ameriprise and Citi, which terminated his employment in April upon discovering his scam.
Cho evaded internal compliance measures at both institutions by forging client signatures on authorization documents. Court documents reveal that he executed fraudulent wire transfers on a large scale.
He directed millions into his company’s bank account in Queens, apparently trying to keep his name out of the equation.
Documents also state that co-conspirators owned unidentified companies and took kickbacks to launder the stolen funds into accounts that Cho controlled.
Prosecutors noted, “In return for assisting with the operation, Cho compensated his co-conspirators.” They claimed that Cho embezzled around $3.5 million through this scheme.
A graduate of the University at Buffalo, Cho, who claimed to be a faithful fan of the Jets, Mets, and Nets, told clients that the money was invested legitimately, fabricating false account statements to cover the missing funds.
“In truth, he spent the stolen money on personal expenses—luxuries, vacations, and settling debts,” the prosecutors explained.
He further infiltrated internal systems, erasing customers’ identifying details and disabling alerts from automated systems.
No trial date has been scheduled yet, but Cho was released on a $200,000 bail after surrendering his passport.
The deception came to light following customer complaints, prompting Citigroup to push for Cho’s removal, leading to damaging disclosures about his fraudulent record-keeping.
The bank dismissed him “for allegedly removing clients’ personal data from company systems to create unauthorized customer statements and for not cooperating with an internal investigation,” as stated in a regulatory filing.
In addition, the Wall Street self-regulatory authority, FINRA, banned Cho for life on June 25, citing obstruction during investigations. The consequences followed his refusal to surrender any records.
The FINRA profile reads, “Mr. Cho neither conceded nor denied the findings but accepted the sanctions for not providing requested materials in connection with FINRA’s probe regarding possible misappropriation of funds and document forgery.”
The expulsion by the regulator barres Cho from working as a broker or associate with any FINRA member firm due to serious breaches of standard commercial ethics.
Interestingly, Cho’s LinkedIn, which indicates his pronouns as “he/him,” talks about his commitment to customer service over his nearly 20-year career.
Facing two criminal charges in the Eastern District of New York, he swiftly waived his right to a trial and entered a guilty plea before U.S. District Judge Joan Azraq.
Federal law states that wire fraud can carry a maximum sentence of 20 years, with investment advisor fraud potentially adding another 5 years.
No sentencing date has been set, but Cho remains free on bail after posting $200,000 and surrendering his passport.
The government is currently seeking full restitution for the victims, whose identities remain undisclosed. They also plan to seize luxury items, jewelry, and cash associated with the fraud.
If Cho has already spent the proceeds from his crimes, the government may claim personal assets to cover his debts.
A Citi representative noted, “This individual was only employed for the last three months before being terminated in early 2026.” The U.S. Attorney’s Office for the Eastern District of New York declined to provide comment.
Efforts to reach Ameriprise and Cho’s attorney, Norman Spencer, for additional comments were also made.
