Investigation: Jim Seol, barred by FINRA for participating in private securities transactions

Jim Seol Barred by FINRA FINRA announced today that is has barred California-based broker Jim Seol (Broker CRD Number: 2876279) effective immediately.

The decision comes down after the hearing panel determined that Mr. Seol has participated in private securities transactions, engaged in undisclosed outside business activities, and has made misrepresentations to his employer in compliance questionnaires.

The hearing panel found that Mr. Seol sold $100 million in EB-5 investments promoted through his private business, Western Regional Center Incorporated (WRCI), yet failed to disclose this activity to his employing firm.

According to his profile on BrokerCheck, Mr. Seol was fired by his employer, Ameriprise Financial Services, Inc. back in May of 2014 for violation of company policy related to an undisclosed outside business activity.

Here is the full text of the most recent FINRA complaint that ultimately culminated in Mr. Seol’s barring from FINRA:

Seol was named a respondent in a FINRA complaint alleging that while associated with a member firm, he formed an outside corporation as its President and CEO, and through the corporation, he solicited investments totaling $100 million from foreign customers in a limited partnership also formed by him.

The complaint alleges that Seol did not provide prior written notice to or receive written approval from his firm concerning the creation of the outside corporation, the formation of the limited partnership, or his plans to introduce and recommend an investment in the limited partnership to potential investors.

The complaint also alleges that in each of his annual compliance questionnaires, Seol falsely attested that he had disclosed all current outside business activities, and would abide by his firm’s policies and procedures, including those relating to private securities transactions and the disclosure of outside business activities.


If you’ve ever invested money with Jim Seol or his employers, the securities fraud attorneys at the Sonn Law Group are interested in speaking with you. Contact us online or by phone at 305.912.3000 for a free consultation.

Rate this post:

1 Star2 Stars3 Stars4 Stars5 Stars
(No Ratings Yet)
Loading...