A former advisor has been banned for life by the MFDA after misappropriating more than $100,000 from two elderly clients – one 74 and one 90 years old – in order to satisfy margin calls on his personal trading account and pay other personal expenses.
Jeong Shin was registered with Royal Mutual Funds from November 1, 2003 to September 21, 2020, and was also an employee of RBC.
A settlement hearing also found he engaged in personal financial dealings with two clients, one his sister, by soliciting and accepting $200,000, giving rise to a conflict or potential conflict of interest that he failed to disclose to his firm. In addition, he processed a switch of $330,081 in a client’s account without the client’s authorization. As a result, the client suffered a loss of $52,450.54 in unrealized gains, which was ultimately compensated by the bank
