Steven Cho: $378K Complaint Against Ex-David Lerner Advisor

Red Bank, New Jersey financial advisor Steven Cho (CRD# 2610257) made an unsuitable investment recommendation, according to a recent, denied investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with HJ Sims & Company, having previously been registered with David Lerner Associates.

Mr. Cho’s BrokerCheck report discloses two investor complaints. The most recent, filed in September 2021, alleged that as a representative of David Lerner Associates, he recommended an unsuitable mutual fund investment. The complaint alleged damages of $378,679.92 and was denied by the firm.

An earlier investor complaint, filed in 2021, alleged that as a representative of David Lerner & Associates, he misrepresented and recommended an unsuitable private placement. The complaint reached a settlement of $13,000.

HJ Sims & Company’s website includes a profile of Mr. Cho that describes his experience and services as a vice president at the firm. As it explains, he “strongly believes” in listening to his clients’ needs and working with them to create a personalized financial plan, in effect serving as a “financial therapist” to his customers. “There is no cookie-cutter plan when it comes to financial planning; all individuals are uniquely different and should be treated as such,” states a quote on his profile.

According to the Financial Industry Regulatory Authority, Steven Cho holds 16 years of securities industry experience. Based in Red Bank, New Jersey, he has been registered as a broker and an investment advisor with HJ Sims since 2019 and 2021, respectively. His credentials include the passage of four securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. His past registrations include Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Maine, New Jersey, New York, North Carolina, Pennsylvania, Puerto Rico, Tennessee, Texas, and Virginia. (Information current as of September 20, 2025.)

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