Stoltmann Law Offices is investigating Chris Yoo and Summit Asset Strategies. We are specifically looking into investors who may have lost money in the Summit Stable Opportunities Fund I or the Summit Stable Value Fund. The Securities and Exchange Commission (SEC) investigated Chris Yoo, the owner and operator of Summit Asset Strategies Investment Advisors and Summit Asset Strategies Wealth Management in Bellevue, Washington. Through the investment firms, Yoo operated the Summit Stable Opportunities Fund I and the Summit Stable Value Fund.
The SEC accused Yoo of improperly withdrawing $900,000 in assets of the Summit Stable Value Fund. The advisory fees he and his firm collected were as a result of the net fund profits of the Fund, which invested in domestic and international debts and stocks, including Korean stocks and notes. In all, over 20 investors invested more than $7.5 million in promissory notes of the Fund and they were to get a fixed return on the notes. In 2011, Yoo began withdrawing assets from the Fund that exceeded its net profits. Around that time, he also began inflating the value of the Fund’s internal assets. This allowed him to receive higher commissions.
Chris Yoo (who also goes by Chris Youngdong Yoo or Young Dong Yoo) was registered with IDS Life Insurance Company in Minneapolis, Minnesota from October 1998 until September 2001, American Express Financial Advisors in Minneapolis from October 1998 until September 2001, Charles Schwab in San Francisco, California from September 2001 until June 2004 and First Tennessee Brokerage in Memphis, Tennessee from June 2004 until February 2006. He is not currently registered with any firm, according to his FINRA BrokerCheck report.
If you lost money with Chris Yoo, please call our securities law office in Chicago, Illinois at 312-332-4200 to speak with an attorney for free. We may be able to help you bring a claim against him and his firms for investment losses. We take cases on a contingency fee basis only, which means we only get paid if you recover money.
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