The Financial Industry Regulatory Authority has barred a former Pruco representative for failing to show up for a hearing in connection with an investigation into allegations of misuse of clients’ money at the firm.
According to Finra, Joseph Viet Duy Phan was let go by Pruco in October 2018 because he had borrowed money from two clients without the firm’s approval. Phan also attempted to deposit a client's insurance premium check into his personal bank account. The amount of money was not disclosed.
Finra said Phan began working as an investment company and variable contracts products representative in April 1997 with a Finra-registered broker-dealer. In November 2007, he became registered as an investment rep with Pruco Securities, LLC.
In a letter of acceptance, waiver and consent, Finra said Phan skipped his scheduled appearance for an on-the-record testimony on Aug. 2. He was sent a follow-up request for testimony on Aug. 22, explaining that if he did not provide the requested testimony, he could be subject to a disciplinary action and the imposition of sanctions, including a bar from the securities industry.
Phan contacted Finra of Aug. 22 and rescheduled his hearing for Aug. 28, Finra said. But on that date, Phan again contacted Finra and informed the agency that he would not appear for the requested testimony at any time. And to date, he has not provided the requested testimony, Finra said.
Phan was held in violation of Finra’s rules by failing to appear and provide testimony in the case.
The acceptance, waiver and consent will be reviewed by the National Adjudicatory Council (NAC), a review subcommittee of the NAC or the Office of Disciplinary Affairs. Upon approval, a bar or expulsion will become effective, Finra said.