Vincent Fuchs Allegedly Engaged in Unapproved Business Activity

Vincent Fuchs (CRD# 6602274[1]), formerly a broker registered with Steward Partners, participated in an unapproved outside business activity, according to a recent sanction. MDF Law is investigating the Fort Worth, Texas-based adviser, currently registered with Texas Capital Bank, for similar conduct. If you have concerns about investments in your accounts, call us for a free and confidential consultation with an attorney.

The following post contains additional details about the Mr. Fuchs’ professional history. The information below is based on an October 30, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record. 

FINRA Sanction Alleges Rule Violations

On October 21, 2024, FINRA released a Letter of Acceptance, Waiver, and Consent (No. 2023077754401[2]) outlining a disciplinary action against Mr. Fuchs. According to the Letter, he participated in an unapproved outside business activity “by assisting with fundraising and strategic planning for two related companies.” His participation included giving various people, including a customer at his member firm, information about the companies.

Mr. Fuchs allegedly communicated used “an email address provided by the companies’ founder” with a signature that identified him as an executive affiliated with one company. He also allegedly “discussed an equity stake in one of the companies and agreed to be enrolled in payroll software,” as anticipated compensation for his involvement in the activity. He did not provide his member firms with prior written notice of the activities, FINRA found, and he did not receive their prior approval.

FINRA Rules Prohibit Unapproved Outside Business Activities

As the AWC Letter describes, FINRA Rule 3270 prohibits brokers from participating in outside business activities except under certain conditions. If they are to be compensated or reasonably expect to receive compensation for the activities, they must provide prior written notice to their firm in a manner specified by its rules. Outside business activities constitute any business activity beyond the scope of their relationship with their firm. This can include being an employee, an independent contractor, a sole proprietor, an officer, or a partner. 

Brokers who violate this rule also violate FINRA Rule 2010. Under Rule 2010, brokers must uphold high standards of commercial honor. They must also observe just and equitable principles of trade. 

FINRA found that Mr. Fuchs violated both of the above-described rules. As a result, it suspended him from associating with any FINRA member in any capacity for 45 days. It also ordered him to pay a fine of $5,000. Mr. Fuchs accepted the findings without admitting to or denying them.

Why Did Steward Partners Fire Vincent Fuchs?

On December 28, 2022, Steward Partners Investment Solutions fired Mr. Fuchs. According to a disclosure on his BrokerCheck record, it terminated his registration following allegations that he “violated Firm policies regarding outside business activities.”

FINRA: Broker Based in Fort Worth, Texas

Mr. Fuchs launched his career as a broker in 2016. That year, he joined AXA Advisors’ branch office in Austin, Texas. Over the following years, he worked at firms including Wells Fargo Clearing Services, Raymond James, and Steward Partners. He has not been registered as a broker since Steward Partners fired him in 2023. He has been registered as an investment adviser with Texas Capital Bank in Fort Worth, Texas since June 2024. 

MDF Law Offers Free Consultations Across the US

Do you have concerns regarding investments recommended by Vincent Fuchs? You have rights as an investor, including the right to pursue a recovery through the FINRA arbitration process. Call MDF Law at 800-767-8040 for a free consultation with our  team. Not only do our investment fraud attorneys[3] provide free consultations nationwide, but our clients only pay a fee if they successfully recover lost funds. Don’t delay—call MDF Law today.