Shepherd Smith Edwards and Kantas Investigates Claims Involving Ex-Pruco Broker Joseph Viet Duy Phan

Former Pruco Securities Broker Accused of Borrowing Customers’ Money

The Financial Industry Regulatory Authority (FINRA) announced that it is barring Joseph Viet Duy Phan, an ex-Pruco Securities broker, after he did not appear at a hearing in the self-regulatory organization’s (SRO) probe into why he was fired by the broker-dealer. Phan was let go by Pruco for allegedly borrowing money from two clients’ accounts without firm approval. Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) is currently looking into potential investor claims against the former Pruco broker and his firm. If you lost money while working with Phan as your registered representative, contact our broker fraud lawyers today.

Phan was a Pruco broker from 2007 into 2018. Aside from allegedly borrowing money from clients’ accounts without authorization, he is also accused of trying to deposit one client’s insurance premium check into an account that was in his name.

Phan’s BrokerCheck record shows that he worked 18 years in the industry. Before becoming a Pruco securities broker, he worked with two other firms. He is settling FINRA’s case but without admitting to or denying the SRO’s findings.

Other Pruco Securities Brokers Accused of Fraud

Broker-dealers can be held liable for customers’ losses caused by the fraudulent or negligent actions of one of their brokers if the firm neglected to properly supervise the registered representative. When a failure to implement proper policies, rules, and procedures–or the inadequate training of a broker–results in investor losses, a brokerage firm may be held liable for negligence, inadequate supervision, or fraud.

Joseph Viet Duy Phan is not the only former Pruco broker accused of misconduct. For example, Terry Joe Bagwell’s BrokerCheck record shows 14 customer disputes, including one FINRA arbitration claim that accused him of failing to supervise another rep. who engaged in selling away and investing clients’ money in unregistered securities. That broker fraud case was settled for $120K. Two other customer complaints involving Bagwell were settled for $750K and $975K, respectively. The latter case was related to his alleged actions while he was a MetLife Securities broker.

FINRA barred Bagwell in 2015. With 21 years in the industry, he has also been a registered broker with AXA Advisors, Metropolitan Life Insurance, and another firm.

Another barred Pruco Securities broker, Winston Wade Turner, was only in the industry for three years. Yet he has been the subject of at least two dozen customer disputes that have included allegations such as churning, unsuitable sales, and misrepresentations. Aside from two years as a  Pruco broker, Turner was a MetLife Securities broker.

Investor Fraud Law Firm

Over the years, SSEK Law Firm has worked for clients throughout the US in helping them to recover their investor fraud losses. Filing a securities arbitration claim is not the type of case that you want to take on without experienced legal help. Your first consultation with us is a free, no obligation case assessment. Since 1990 we have represented thousands of investors. Over 90% of our clients have recovered all or part of their investment losses. Contact our broker fraud attorneys today.

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