The Financial Industry Regulatory Authority has barred Joseph Viet Duy Phan, a former Pruco Securities representative, for refusing to provide on-the-record testimony in connection with its investigation into allegations that led to his termination by the broker-dealer.
According to BrokerCheck, Phan spent 11 years at Pruco before he was fired in November 2018 for allegedly borrowing money from two clients without approval, and for attempting to deposit a client’s insurance premium check into his personal bank account.
FINRA claims that Phan failed to appear and provide testimony relating to the investigation into Pruco’s allegations, which is a violation of FINRA rules and results in an automatic bar from practicing.
According to a letter of acceptance, waiver and consent, FINRA purportedly informed Phan that he could receive disciplinary action and sanctions, including a bar from the securities industry, if he did not provide the requested testimony. After rescheduling their original meeting, Phan informed FINRA that he would not participate in their investigation.
Phan, who had no relevant disciplinary history, signed the AWC letter without admitting or denying the findings. He was previously registered with MetLife Securities and Metropolitan Life Insurance Company from 1997 to 2005.