FINRA has expelled a former J.P. Morgan rep from the industry for allegedly attempting to evade federal foreign-currency reporting requirements under the Bank Secrecy Act.
The regulator accused Minasan Vo of "structuring" transactions by making four cash deposits into her personal savings account in amounts under the currency transaction reporting threshold of $10,000. She made two deposits of $9,800 and two additional deposits of $9,960 and $10,000 from January 2015 to February 2015, FINRA claimed.
"Vo deposited the cash in these amounts to avoid the federal reporting requirements under the Bank Secrecy Act," FINRA charged in its disciplinary filing.
The legislation requires banks and broker-dealers to file currency transaction reports for all transactions in currency exceeding $10,000, FINRA explained.
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The regulator accused the rep of writing 38 checks totaling $46,280 from two personal J.P. Morgan bank accounts that it claims did not have sufficient funds to cover the checks.
January 4 -
The rep declined to provide the regulator with the documents and information it needed to assess allegations that he misappropriated bank customer funds.
January 3 -
The regulator was looking into allegations that he structured transactions in his personal bank account to avoid federal reporting requirements.
December 12
Vo could not be reached for comment. In her settlement with FINRA, she neither admitted nor denied the charges but consented to an entry of FINRA's findings.
Vo worked for both J.P. Morgan Chase Bank and J.P. Morgan Securities in Houston, Texas. She joined the bank in September 2011 and was employed by both the bank and the bank's broker-dealer arm beginning in January 2013. In April 2015, she was discharged from the bank for violating bank policy governing personal finances, according to BrokerCheck records.
Michael Fusco, a spokesman for Chase Wealth Management, declined to comment on Vo's expulsion.
Vo joins another former J.P. Morgan rep who was recently barred after being investigated for a similar violation.
