Minh Vo is the Subject of a FINRA Suspension and Fine
Minh Vo (CRD #: 5114922), a broker formerly registered with Cambridge Investment Research, is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on December 14, 2021.
This suspension stems from the following allegations:
- Violating FINRA Rules 3270 and 2010 by engaging in an outside business activity without providing prior written notice to his member firm MML Investors Services.
- Violating FINRA Rule 2010 by retaining nonpublic customer Information.
FINRA Allegations
Conducting Undisclosed Outside Businesses
According to an Acceptance, Waiver, and Consent agreement dated November 22, 2021, Minh Vo consented to the findings that in August 2018, he became a licensed independent agent for an unaffiliated insurance company without notifying or obtaining MML Investors approval. Minh Vo also allegedly made false statements regarding his participation in the outside business activity in his August 2018 compliance questionnaire.
In March 2019, Minh Vo allegedly sold a fixed indexed annuity offered by the insurance company to a longtime firm customer even though the insurer was not a firm-approved carrier. He also allegedly received a commission from the insurance company for the sale. The findings further alleged that Minh Vo falsely stated that he did not sell the policy in an internal review conducted by MML Investors.
FINRA Rules 3270 and 2010
FINRA Rule 3270 requires that brokers provide written notice to their firms regarding their outside business activities. By engaging in an outside business activity without providing prior written notice to his firm, Minh Vo violated FINRA Rules 3270 and 2010.
A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.
Minh Vo has seven businesses listed in the Outside Business Activity of his detailed BrokerCheck report:
- MVKSKA: Commercial rental property owner
- CIRA: Advisory representative
- Verus Financial Group: Independent insurance agent for various independent insurance companies
- President of Verus Capital Ventures
- Trustee of Verus Capital Ventures profit-sharing plan 401k
- Owner of Verus Financial Group
- Owner of Cashevo Fitness
Retention of Nonpublic Customer Information
Minh Vo also consented to the findings that in May 2019, after learning that he would be terminated from MML Investors, he downloaded nonpublic customer information for every customer of his MML branch office into a spreadsheet. Minh Vo allegedly then emailed the spreadsheet, which contained information on 3,500 customers to his email account. He allegedly retained the information after his termination, in violation of MML’s policies and without the customers’ knowledge or consent.
FINRA Rule 2010
Regulation S-P prohibits financial institutions, including broker-dealers, from disclosing “nonpublic personal information” about a customer to a nonaffiliated third party unless the financial institution provides the customer with notice and an opportunity to opt-out of the disclosure.
A registered representative who causes his member firm to violate Regulation S-P by taking, retaining, or disclosing nonpublic customer information violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
As part of the terms of the AWC, Minh Vo consented to a four-month suspension and $7,500 fine.
You can read a copy of the AWC here.
Employment Termination Details
On May 31, 2019, MML Investors Services fired Minh Vo for allegedly failing to follow firm policies and procedures related to indexed annuities.
Background Information
Minh Vo has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 24 – General Securities Principal Examination
Minh Vo has also worked with the following firms:
- Cambridge Investment Research (CRD #: 39543)
- MML Investors Services (CRD #: 10409)
- Foresters Equity Services (CRD#:18464)
Kurta Law Can Help
If you have suffered losses after working with Minh Vo, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.