The Financial Industry Regulatory Authority said Wednesday that a hearing panel had barred a California-based representative for taking part in securities transactions, having found that he sold $100 million worth of EB-5 investments but didn’t tell his employer.
Registered representative Jim Seol has been barred by a FINRA hearing panel, the organization announced, with the panel determining that he had sold $100 million in EB-5 investments pushed by his business, Western Regional Center Inc., but neglected to “disclose this activity to his employing firm.”
“FINRA rules and the member firm’s policy required Seol to disclose and obtain prior approval for all outside business activities,” the group said.
Last year, the FINRA’s Department of Enforcement lodged a complaint calling for monetary sanctions against the former Ameriprise Financial Inc. employee for failing to disclose the $100 million EB-5 solar investment business he was running on the side.
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