Per the Maryland Attorney General News Release Update:
Securities Division Alleges Financial Exploitation of Senior Citizens
BALTIMORE, MD (March 9, 2018) – Maryland Attorney General Brian E. Frosh announced today that his Securities Division has issued a Summary Order to Cease and Desist against Jung Tae Kim, also known as Chung Tae Lee or Edward X. Kim.
The Division alleges that Kim, operating in Montgomery County, engaged in fraud against Marylanders, including financially exploiting senior citizens, and acted as an unregistered investment adviser, investment adviser representative, broker-dealer, and agent.
The Securities Division discovered Kim’s conduct by a report filed under a new law requiring securities firms and professionals, including broker-dealers and investment advisers, to notify the Securities Commissioner of possible financial exploitation of vulnerable adults.
“Taking advantage of our senior citizens, defrauding them of their assets, is illegal,” said Attorney General Frosh. “As a result of recent changes to the Maryland Securities Act, our Securities Division is able to pursue cases that otherwise may have gone undetected.”
Read more in the full press release: 09 March 2018 Maryland AG Press Release