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Regulation and Compliance > Federal Regulation > FINRA

JPMorgan Broker Suspended for Not Disclosing Kidnapping Charges

By Jeff Berman

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A JPMorgan broker has been suspended from associating with any Financial Industry Regulatory Authority-registered firm in any capacity for four months and fined $5,000 for not disclosing he was charged with a felony, according to FINRA.

Without admitting to or denying FINRA’s findings, James Tri Truong consented to the regulator’s sanctions by signing a FINRA letter of acceptance, waiver and consent on June 26. Christopher Miles, FINRA counsel, signed the letter on Thursday.

FINRA didn’t provide details on the charges. But court documents provided on the Superior Court of the County of Santa Clara website said Truong was initially charged with three felonies: kidnapping a child under 14, threatening to commit a crime resulting in death or great bodily injury, and kidnapping within the county or to another county, state or country.

The court documents didn’t specify who he allegedly kidnapped or threatened but the case is classified as “family violence.”

JP Morgan and Truong’s attorneys didn’t immediately respond to requests for comment and more details on Monday.

Truong entered the securities industry in November 2018 through his association with J.P. Morgan Securities as an investment company and variable contracts products representative, according to his report on FINRA’s BrokerCheck website.

In an amended Form U4 dated April 27, 2022, the firm disclosed Truong was charged with a felony on Nov. 10, 2021.

“Truong willfully failed to timely amend” his Form U4 to disclose the charge, FINRA alleged. As a result of his actions, he violated Article V, Section 2(c) of FINRA’s by-laws and FINRA Rules 1122 and 2010, the regulator said.

The investigation into Truong originated from FINRA’s review of the amended form, it said.

Truong became aware of the felony charge by no later than Jan. 4, 2022 and was required to amend his Form U4 within 30 days to disclose the charge, according to FINRA. But Truong did not disclose the felony charge on his Form U4 until April 27, 2022, the regulator said.

Truong also falsely stated on a January 2022 annual compliance questionnaire that he had no arrests that had not been disclosed to JPMorgan, according to FINRA. Therefore, Truong “willfully failed to timely disclose a felony charge in violation” of Article V, Section 2(c) of FINRA’s By-Laws and FINRA Rules 1122 and 2010.

Pictured: FINRA sign in Rockville, Md. Credit: FINRA

Jeff Berman

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