FINRA’s Decision to Bar JIM SEOL From Securities Industry is Upheld
FINRA’s Decision to Bar Jim Seol of Ameriprise Financial Services, from Securities Industry Is Upheld
Have you lost money with financial advisor Jim Seol of Ameriprise Financial Services in Irvine, California? We are continuing to look into allegations made by FINRA, the Financial Industry Regulatory Authority, against Jim J. Seol. FINRA previously barred Seol from the securities industry after he failed to disclose outside business activities. In particular, FINRA alleged that Seol raised over $100 million in sales of investments in EB-5 programs without disclosing such to his brokerage firm, Ameriprise Financial Services. In March 2019, the National Adjudicatory Council (NAC) upheld FINRA’s decision to bar him from the industry.
FINRA alleged that the investments were purported to be from investors in China and South Korea in his company, called Western Regional Center, Inc. This entity then sold investments in the California Energy Investment Fund 1, L.P. According to the FINRA Order, “Western Regional Center, Inc. was formed to facilitate U.S. investments by foreign nationals through the EB-5 program, a government initiative designed to promote capital investment.3 Under the program foreign investors can receive a permanent visa to live and work in the U.S. if they make a capital investment that satisfies certain conditions over a two-year period, including the creation of jobs”.
Jim Seol was a financial advisor and registered representative of Ameriprise Financial Services from 1997 to June 2014. He worked at branch offices in Irvine, California. Seol was terminated by Ameriprise Financial Services regarding these allegations. Moreover, he has been the subject of at least 5 customer complaints.
Brokerage firms like Ameriprise Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in California. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past, including Ameriprise Financial Services.
Click to view: Jim Seol BrokerCheck
Click to view: Jim Seol NAC Decision
Click to view: Jim Seol FINRA Order
Related Article: Investor Warning! JIM SEOL – Irvine, CA
If you lost money with Jim Seol or Ameriprise Financial Services, please CONTACT US at 720-599-3505 for a free evaluation of your case.