South Florida Arbitration & Litigation Lawyer Blog
In the Matter of Rick Cho
On October 15, 2012, the Securities and Exchange Commission (Commission) issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings and Imposing Remedial Sanctions (Order) against Rick Cho. The Order found that Cho was the managing member, president, and chief compliance officer of Jupiter Group Capital Advisors, LLC (Jupiter Group), an investment adviser formerly registered with the Commission. On September 27, 2012, a final judgment was entered by consent against Cho, permanently enjoining him from future violations of Sections 203A, 204, and 207 of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Jupiter Group Capital Advisors, LLC, et al., Civil Action Number CV11-00291 LEK (RLP), in the United States District Court for the District of Hawaii. The Commission’s complaint alleged that Cho caused Jupiter Group to file a false Form ADV submission with the Commission, improperly registered Jupiter Group as an investment adviser with the Commission although it was ineligible to register because it had less than $25 million in assets under management, and unlawfully refused to allow the Commission’s staff to review Jupiter Group’s books and records.
Based on the above, the Order barred Cho from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; with the right to apply for reentry after one year to the appropriate self-regulatory organization, or if there is none, to the Commission. Cho consented to the issuance of the Order without admitting or denying any of the findings in the Order, except he admitted the entry of the injunction.
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