Jim Jinkook Seol Allegedly Formed an Outside Corporation as its President & CEO, & Solicited Investments of $100 Million from Foreign Customers
Jim Seol allegedly formed an outside corporation as its President and CEO, and, via its corporation, he purportedly solicited investments totaling $100 million from foreign customers in a limited partnership also formed by his person, according to a Pending Regulatory Action disclosed on Jim Jinkook Seol’s FINRA BrokerCheck Report under review by investor rights attorney Alan Rosca.
The aforementioned action was filed back on May 31, 2016, FINRA states.
The complaint further alleges that Seol reportedly did not provide prior written notice to or receive written approval from his firm concerning the creation of said outside corporation, the formation of the limited partnership, or his plans to introduce and recommend an investment in the limited partnership to potential investors, FINRA reports.
The complaint further alleges that in each of his annual compliance questionnaires, Seol purportedly 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, FINRA states.
Securities attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Jim Seol’s alleged raising of $100 million through an outside business. Investors who believe they may have lost money in activity related to Jim Seol’s alleged raising of $100 million through an outside business are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
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Jim Seol Barred by FINRA; Seol Allegedly Formed a Business to Market U.S. Investments to Overseas Investors Via the U.S. government’s EB-5 Program
Jim Seol purportedly 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, according to a Complaint from FINRA.
Jim Seol’s Pending Regulatory Action also featured an Regulatory Statement addendum which states that the Hearing Panel Decision rendered its decision on May 30, 2017, FINRA notes.
Said Decision reportedly barred Seol from association with any FINRA member in all capacities and ordered to pay costs in the amount of $4,440.70, FINRA states. Said sanctions were reportedly based on findings that Seol allegedly engaged in undisclosed outside business activities through engaging in private securities transactions and allegedly made misrepresentations to his member firm in compliance questionnaires, FINRA notes.
Said findings further stated that Seol allegedly formed a new business to market U.S. investments to overseas investors through the U.S. government’s EB-5 program, a program which permits foreign investors to obtain a U.S. visa in exchange for investing in projects that create U.S. jobs, according to FINRA reports.
Seol, the Regulatory Statement notes, having repeatedly allegedly concealed his role in his outside business to his supervisor and compliance examiner over several years, was purportedly confronted by senior members of his firm in an April 2014 interview after the firm received the inquiry from FINRA.
Seol, by allegedly soliciting the purchase of $100 million of limited partnership interests by his outside business investors, purportedly participated in private securities transactions without prior disclosure to the firm, was barred in all capacities by FINRA starting on March 5, 2019, FINRA states.
Jim Seol worked for Ameriprise Financial Services, Inc. in Irvine, CA from June 11, 1997 until June 4th, 2014, and also was registered with IDS Life Insurance Company in Minneapolis, MN from June 11, 1997 until July 3rd, 2006, FINRA notes.
Jim Seol waas discharged by Ameriprise Financial Services, Inc. on May 28, 2014, according to an Employment Separation After Allegations Action filed by Ameriprise on May 28, 2014.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.
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Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related misconduct and are currently investigating Jim Seol’s alleged raising of $100 million through an outside business. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Jim Seol’s alleged raising of $100 million through an outside business may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
