One or more investors apparently complained about securities broker UnBo Chung (also known as Bob Chung) [CRD: 6208569, Chicago, Illinois], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Chung has worked for Arete Wealth Management LLC since August 8, 2013, and Arete Wealth Advisors LLC since December 5, 2013. He was previously affiliated with Center Street Securities Inc. and Center Street Advisors Inc. between October 11, 2021, and November 14, 2023, and June 13, 2023, respectively. Below, you can find important information about the investor-related allegations against Chung.
Specifically, on January 17, 2025, the United States Securities and Exchange Commission initiated Case: 1:25-cv-00616 against UnBo (Bob) Chung. Namely, the SEC alleged that Chung, along with others, played a role in improperly soliciting investors and facilitating an investment scheme involving Zona Energy Inc.
Notably, the SEC’s complaint claims that representatives at Arete Wealth, without firm approval, sold Zona Energy stock to dozens of clients—an unauthorized activity known as “selling away.” These sales allegedly lacked proper oversight. Allegedly, clients lost nearly all of the $8.5 million they invested in Zona. SEC accused Chung of aiding and abetting violations of the Investment Advisers Act and failing to maintain proper compliance standards.
Also, on December 2, 2024, a Center Street Securities Inc. client filed FINRA Arbitration No. 24-02338 about Unbo Chung. Notably, the client alleged unsuitable advice about alternative investments. For this reason, the client requested $100,000.00 in compensation from Center Street Securities Inc. or Chung. Evidently, this arbitration is pending a resolution.
Particularly, a client of Center Street Securities Inc. contested Unbo Chung’s sales practices by filing FINRA Arbitration No. 24-01968 on November 18, 2024. The claim alleged unsuitable recommendations about alternative investments. Therefore, the client seeks compensation from Center Street Securities Inc. or Chung in this ongoing matter.
Did you experience losses because of UnBo Chung? You can reach out to Soreide Law Group online or at (888) 760-6552 and consult with a securities lawyer about a possible recovery. Soreide Law Group has recovered losses for investors throughout the United States. The law firm also takes cases on a contingency fee basis and advances all costs. Chung and the securities firms Chung worked for deny accusations of sales practice violations.
Robert Averwater (CRD 5614514) is a Memphis, Tennessee broker. FINRA fined him $10,000, suspended him from association with any member firm in all capacities for four months, and required him to complete 10 hours of continuing education, according to an AWC issued August 18, 2026.
Qi Yang (CRD 7439718) is a San Francisco, California broker. FINRA suspended him from association with any member firm in all capacities for six months and assessed a deferred fine of $5,000, according to an AWC issued August 10, 2026.
Thomas Jacobs (CRD 4139430) is a Bay City, Michigan broker. FINRA suspended him from association with any member firm in all capacities for two months and assessed a deferred fine of $2,500, according to an AWC issued August 3, 2026.
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