The Insurance Council of British Columbia (ICoBC) has joined the Insurance Council of Manitoba (ICM) in sanctioning Huy Quang (Matt) Vuong for making 100 unauthorized transfers of plan members’ assets from a group retirement employer plan to a personal plan, falsifying agent’s notes along the way, and for making misrepresentations on licensing applications when asked if he’d ever been the subject of any disciplinary action.
Of the clients affected, three were based in Manitoba. That regulator fined Vuong $1,500 and assessed investigation costs in the amount of $1,687.50 in August 2024.
British Columbia has most recently followed suit, using the Manitoba case itself as a precedent when determining an appropriate penalty. It fined Vuong $6,000 for his actions against the 11 British Columbia residents affected.
In addition, Vuong must pay $1,250 in costs and complete four remedial courses, including three ethics courses. The council will also not consider any application for licensure from the former life agent until October 2029.
The former life agent was granted a general insurance agent’s license in Ontario in March 2024. In the intended decision, it is noted that Vuong has no intention of returning to life insurance sales. He is currently working towards obtaining a certified insurance professional designation through the Insurance Institute of Canada.
"In March 2024 the former licensee was granted a general insurance agent license in Ontario and currently holds authority to represent another agency. The other agency was notified of the events that transpired and suggested that as long as the former licensee does not participate in life insurance activities, he can work in the capacity as a general insurance agent,” the intended decision in the case continues.
“Council felt that prohibiting the former licensee from applying for any insurance license for four years is appropriate and emphasizes that the scale of fraud found in these circumstances is condemnable.”
