Yoon Sik Chung

11/02/2022: FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS Department of Enforcement, Complainant, v. Yoon Sik Chung CRD No. 5978168, Respondent. Disciplinary Proceeding No. 2020067734201 Hearing Officer—RES ORDER ACCEPTING OFFER OF SETTLEMENT DATE: November 2, 2022 INTRODUCTION Disciplinary Proceeding No. 2020067734201 was filed on October 7, 2022, by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA or Complainant). Respondent Yoon Sik Chung (Chung or Respondent) submitted an Offer of Settlement (Offer) to Complainant dated 10/19/2022. Pursuant to FINRA Rule 9270(e), the Complainant and the National Adjudicatory Council (NAC), a Review Subcommittee of the NAC, or the Office of Disciplinary Affairs (ODA) have accepted the uncontested Offer. Accordingly, this Order now is issued pursuant to FINRA Rule 9270(e)(3). The findings, conclusions and sanctions set forth in this Order are those stated in the Offer as accepted by the Complainant and approved by the NAC.

10/07/2022: FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS Department of Enforcement, Complainant, v. Yoon Sik Chung CRD No. 5978168, Respondent. Disciplinary Proceeding No. 2020067734201 COMPLAINT The Department of Enforcement alleges: SUMMARY 1. During the period July 10, 2020 through October 9, 2020, Yoon Sik Chung (Chung), while associated with NYLife Securities LLC (NYLife), accepted more than $14,000 thousand dollars from two individuals, Person H and Person R, whom he met online but never met in person or spoke to over the phone. Then, acting at their direction, Chung transferred most of those funds to third parties he did not know. In return for facilitating these transactions, Chung kept a portion of the funds he received from Persons H and R and used them for personal and business-related expenses. Chung facilitated these money movements even though he believed the funds were the proceeds of illegal activities and part of money laundering activities. By virtue of the foregoing, Chung engaged

Reference 2020067734201data-portal.finra.orgdata-portal.finra.orgfinra.org