Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jin Lim (Lim), previously associated with Barclays Capital Inc., has at least one disclosable event. These events include one tax lien, alleging that Lim recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 29, 2025.

Without admitting or denying the findings, Lim consented to the sanctions and to the entry of findings that he violated FINRA Rule 2010 by acting in contravention of Section 17(a)(3) of the Securities Act in that he engaged in 32 instances of spoofing in US Treasury Securities. The findings stated that Lim entered a larger, fully displayed order on one side of the market, generally for $25 or $50 million, in 5- or 10-year notes with intent to cancel that order at the time he placed it. Simultaneously, Lim had a smaller order on the opposite side of the market in the same product with only a portion of the vale displayed. Other market participants would react to Lim’s larger, fully displayed order in a variety of ways including moving their resting order prices up or down, withdrawing any orders resting opposite the larger, fully displayed order, or placing aggressive orders to execute against orders resting opposite the larger, fully displayed order. In 15 of the 32 instances, Lim received executions on his smaller, iceberg orders while his larger, fully displayed orders were in the market. In each of the 32 instances, because Lim intended to cancel each larger, fully displayed order at the time he placed it, these orders falsely signaled a shift in buy or sell interest through their impact on the stack.