Finra fines former Merrill rep $5,000 over outside crypto trading
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Kyung Soo Kim, no longer employed in industry, also suspended for one month.
The Financial Industry Regulatory Authority Inc. has fined former Merrill Lynch representative Kyung Soo Kim $5,000 and suspended him for one month for engaging in cryptocurrency trading at a firm he created outside Merrill Lynch that he did not disclose.
(More: Finra makes its first cryptocurrency bust)
Merrill Lynch discharged Mr. Kim on March 14, 2018 for, in part, failing to disclose this outside business activity, Finra noted in a letter of acceptance, waiver and consent. That disclosure failure violated Finra rules. In Mr. Kim’s BrokerCheck record, Merrill Lynch also alleges that he altered a client document.
Mr. Kim began his securities career in 2007. After working at two firms for a brief time, he joined UMB Financial Services in 2008, and then Merrill Lynch in 2014.
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