Sung Moo “Sam” Cho, a 44-year-old former Citigroup financial adviser, has pleaded guilty in Brooklyn federal court to stealing more than $3.5 million from a longtime client. The New York Post reported the case on July 7, citing court filings.
The two outlets that covered it disagree on one detail. The Post said Cho entered his plea on June 15. The Daily Mail, citing the U.S. Attorney’s Office for the Eastern District of New York, put it at July 7. Both agree on the charges, wire fraud and investment adviser fraud, which together carry a maximum of 25 years.
How the money moved
Prosecutors say the theft ran from 2023 to 2025, first at Ameriprise Financial and then at Citi. Cho forged the client’s signature on authorization forms, which let him send large wires out of the account without permission. He routed the funds to a Queens business owned by an alleged co-conspirator, who kept a fee and passed the rest to accounts Cho controlled.
Court documents say the money paid for vacations, expensive jewelry, credit card bills and student loans. The victim, a wealthy resident of Franklin Lakes, New Jersey, has not been named.
To hide it, Cho told the client the money was in a legitimate investment and produced fake account statements. He also deleted the client’s contact details from Citi’s internal systems, so automated notices would not reach them. The Post said a customer complaint to regulators exposed the scheme. The Daily Mail, citing the indictment, said the client questioned discrepancies in the account balances.
Firing, ban and what comes next
Citi fired Cho in April. A Citi spokesperson told the Post he worked at the bank for only the last three months of 2025. In a regulatory filing, the bank cited allegations that he removed customer information from firm systems and refused to cooperate with an internal investigation.
FINRA barred him from the securities industry for life on June 25 after he declined to hand over records.
Cho is free on a $200,000 bond and has surrendered his passport. The Post said no sentencing date had been set; the Daily Mail reported sentencing was scheduled for October 13 before Judge Joan Azrack. Prosecutors want full restitution for the victim and the forfeiture of assets tied to the fraud. The Daily Mail said Cho has agreed to repay more than $3.5 million.
Separately, the Daily Mail reported that former clients have filed complaints and FINRA arbitration claims against Cho. The securities law firms handling them allege unsuitable recommendations and unauthorized trading at Ameriprise and Citigroup. Those civil allegations have not been proven in court.
Sources
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