The Financial Services Regulatory Authority of Ontario (FSRA) has revoked Minh Anh Nguyen’s life insurance and accident & sickness agent’s license after it was discovered that Nguyen misappropriated $16,000 from a relative by changing their address to his own and by forging the client’s signature on cheques.

First licensed in Ontario in January 2013 (Nguyen is was also licensed in the insurance of persons and in the group insurance of persons in Quebec until both licenses expired in February 2024), the agent was authorized to sell policies for insurers in Ontario, including Empire Life Insurance Company. Empire Life first investigated Nguyen when the client, identified only as Nguyen’s relative, inquired about an unauthorized policy redemption.

Following the inquiry, it was discovered that Nguyen changed the client’s mailing address to prevent them from becoming aware of the unauthorized withdrawals and also requested that the amount be paid by cheque. Only when the insurer deposited the third unauthorized withdrawal to the client’s actual account was it discovered that the agent had misappropriated funds. 

During the insurer’s investigation, Nguyen told Empire Life that the address change was made because his client was temporarily without a home address and that the account he deposited the cheques into belonged to the client’s spouse. Later during FSRA’s investigation, Nguyen admitted to requesting the address change to his own address in Quebec, without his client’s authorization. He also admitted to making the three unauthorized requests for the redemption of policy funds due to financial pressures. “Given Nguyen’s conduct, the director reasonably believes that he is not suitable to be licensed” the notice of proposal in the case states.

Although the regulator revoked Nguyen’s license, which was set to expire in January 2025, both for the misappropriation and for misleading the insurers in its investigation, the regulator stopped short of levying monetary penalties in the case. Representatives from FSRA were not immediately available for comment.