A former Citigroup financial adviser has admitted to stealing more than $3.5 million from a longtime client in a multi-year fraud that prosecutors say helped bankroll an extravagant lifestyle.
Sung Moo “Sam” Cho, 44, pleaded guilty to fraud in Brooklyn federal court on July 7, after prosecutors said he siphoned funds from a wealthy client between 2023 and 2025, according to the U.S. Attorney’s Office for the Eastern District of New York.
The offense carries a potential maximum sentence of 25 years in prison. As part of the case, Cho has agreed to repay more than $3.5 million in restitution, federal authorities said.
Court filings reviewed by the Daily Mail state that Cho abused his role as a trusted adviser by forging the client’s signature on authorization documents and filing fraudulent forms that enabled him to move millions out of the victim’s investment accounts without approval.
Prosecutors said the stolen funds were funneled through a Queens-based business operated by an alleged co-conspirator, who took a kickback before transferring the remaining money into accounts controlled by Cho.
Investigators allege Cho used the money to pay for luxury trips, expensive jewelry, credit card balances, student loans and other personal costs.
To keep the scheme hidden, prosecutors said Cho generated falsified account statements that made it appear the client’s investments were still secure and, in some cases, increasing in value.
He also allegedly deleted the client’s contact details from Citi’s internal systems, preventing the victim from receiving genuine account alerts and communications from the firm.
Authorities say Cho spent the money on luxury vacations, high-end jewelry, credit card bills, student loans and other personal expenses
Sung Moo ‘Sam’ Cho, 44, pleaded guilty in Brooklyn federal court on July 7 to wire fraud and investment adviser fraud after embezzling the money from a wealthy client to fund his wealthy lifestyle
Citi fired Cho in April after discovering allegations that he had removed customer information from company systems, created counterfeit account statements and failed to cooperate with its internal investigation
Authorities say Cho spent the money on luxury vacations, high-end jewelry, credit card bills, student loans and other personal expenses
The scheme unraveled after the client questioned discrepancies in the account balances, prompting an internal review and a federal investigation, according to the indictment.
Citi fired Cho after discovering allegations that he had removed customer information from company systems, created counterfeit account statements and failed to cooperate with its internal investigation, the New York Post first reported, citing a Citi spokesperson.
The spokesperson told the outlet Cho had worked at the firm for only the final three months of 2025 before his termination.
Before joining Citi, Cho worked as a financial adviser at Ameriprise Financial.
The criminal case comes as Cho is also the subject of multiple investor complaints and arbitration claims.
According to securities law firms White Securities Law and Investment Fraud Lawyers, former clients have alleged Cho recommended unsuitable investments, engaged in unauthorized trading, breached his fiduciary duties and misrepresented investment strategies while working at both Ameriprise and Citigroup.
The firms said the complaints seek to recover investment losses through FINRA arbitration.
Those civil allegations are separate from the criminal case and have not been proven in court.
White Securities Law and Investment Fraud Lawyers say former clients have accused Cho of unsuitable investment recommendations, unauthorized trading and other misconduct while at Ameriprise and Citigroup
Cho’s Wall Street career was effectively ended after FINRA permanently barred him from the securities industry for refusing to cooperate with the regulator’s investigation into allegations that he misappropriated customer funds, forged signatures and falsified firm documents.
‘Without admitting or denying the findings, Cho consented to the sanction,’ a FINRA BrokerCheck entry states. The regulator said the probe examined whether he had engaged in the alleged misconduct while associated with two member firms.
Cho remains free on a $200,000 bond after surrendering his passport while awaiting sentencing. Federal prosecutors are also seeking the forfeiture of assets tied to the fraud and full restitution for the victim.
The sentencing date for Cho’s trial is scheduled for October 13 before Judge Joan Azrack.
The wire fraud charge carries a maximum sentence of 20 years in prison, while the investment adviser fraud charge carries a maximum of five years.
