Joseph Viet Duy Phan of Irvine California a stockbroker formerly registered with Pruco Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Phan failed to comply with FINRA when he was investigated for (1) borrowing customers’ funds without authorization from the securities broker dealer and (2) taking steps to convert a customer’s funds. Letter of Acceptance Waiver and Consent No. 2018060408801 (Nov. 20, 2019).
According to the AWC, FINRA’s investigation into Phan commenced around the time that he had been terminated by Pruco Securities LLC. The securities broker dealer reported to FINRA that Phan was discharged founded on allegations of the stockbroker’s unauthorized borrowing of a customer’s funds and for his attempts at placing a customer’s funds into his own bank account when those funds were intended for an insurance company.
As part of the investigation, Phan was sent a request from FINRA which called upon him to make an appearance at the regulator’s offices to provide recorded testimony about the accusations against him as referenced by Pruco Securities. Phan was expected to appear on August 22, 2019 and testify as a condition of satisfying FINRA Rule 8210. In fact, the stockbroker was warned that his failure to provide recorded testimony could result in him being sanctioned by FINRA.
The AWC stated that FINRA’s personnel had been contacted by Phan on August 22, 2019 – the day that the stockbroker was expected to testify – in which he revealed that he would not be showing up. Phan was sent a letter from FINRA which confirmed that his recorded testimony was rescheduled for August 28, 2019. The AWC indicated that at the last minute, FINRA received word from Phan that again, he would not be showing up; and that he would not be testifying at any point in the investigation. FINRA found that Phan’s failure to comply with its requirements while under investigation constituted violations of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally reveals that Phan is the subject of a customer initiated investment related complaint where the customer sought unspecified damages based upon allegations that the customer’s funds had been borrowed by Phan without authorization from Pruco Securities LLC.
Phan was employed by Pruco Securities between November 15, 2007 and October 9, 2018.
