Tu Ngoc Le of Phoenix, Arizona Violates FINRA Rules

Tu Ngoc Le of Phoenix, Arizona has voluntarily submitted an AWC (“Letter of Acceptance, Waiver, and Consent”) after FINRA alleged he violated FINRA Rules 2150(a) and 2010. An AWC is designed for the purpose of proposing a settlement of alleged rule violations without admitting or denying the findings. It is submitted on the condition that, if accepted, FINRA will not bring any future actions alleging violations based on the same factual findings described herein. An AWC becomes part of the Respondent’s permanent disciplinary record and may be considered in any future actions brought by FINRA or any other regulator.

Le (who never obtained any securities licenses) became associated with FINRA member Charles Schwab & Co., Inc. as a nonregistered client service specialist in July 2015. In June, 2017, Schwab filed a Uniform Termination Notice of Securities Industry Registration (“Form U5”) disclosing that Le had been discharged for “Failure to Adhere to Schwab’s Business Conduct Policy, non-sales practice, related to call avoidance which negatively impacted his job performance.” Schwab found that from November 2016 to April 2017, Le converted $6,404 from a 64-year old Firm customer.

Conversion is an intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possession of it.

The conversion took place in eight withdrawals from the customer’s accounts without their authorization. The money was used to pay personal expenses such as mortgage, automobile loan and insurance, and home utility bills. Schwab subsequently reimbursed the customer.

As part of the AWC settlement, Le is barred from association with any FINRA member in all capacities during the period of the bar or suspension.

To read the entire AWC, click here.

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Financial Industry Regulatory Authority, Inc. (FINRA) is an independent, non-governmental regulator who oversees the people and firms that sell stocks, bonds, mutual funds and other securities to the public in the United States. They are authorized by Congress to protect investors. They do this by making sure the securities industry operates fairly and honestly with the public.