Written by The White Law Group• August 9, 2023• 4:28 pm• Broker Investigations, FINRA SEC Sanctions

Lickhai Quach Barred by FINRA

Lickhai Quach Allegedly Obtained Loan from Client

On August 7, 2023, FINRA, the regulator who oversees brokers and brokerage firms, barred financial advisor Lickhai Quach from the securities industry.

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Quach reportedly refused to provide documents and information in FINRA’s investigation into the circumstances surrounding his termination from his member firm, Transamerica. Quach reportedly resigned while under review by the firm for allegedly borrowing funds from a client.

According to Quach’s broker report, Transamerica Financial Services reportedly “received a customer complaint alleging that the representative borrowed funds and has not repaid client. During the review the representative admitted to borrowing the funds from the client.”

FINRA Rule 3240 explains the details of why borrowing from or lending to customers is prohibited. The primary goal of Rule 3240 is to protect customers from potential conflicts of interest and to ensure that financial transactions between brokers and their clients are conducted ethically and professionally. By requiring prior notice and approval, as well as specifying the allowable relationships, the rule aims to maintain trust in the broker/client relationship.

FINRA BrokerCheck – Lickhai Quach

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.

BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA. It’s also a great way to review their employment history, licensing status, and any regulatory actions or complaints filed against them.

According to his FINRA broker report, Lickhai Quach has been affiliated with the following firms during his career in the securities industry, including the following:
01/06/2012 – 03/10/2023, TRANSAMERICA FINANCIAL ADVISORS, INC (CRD#:16164), ROCKVILLE, MD,
B, 04/12/2002 – 01/06/2012, WORLD GROUP SECURITIES, INC. (CRD#:114473), ROCKVILLE, MD

Lickhai Quach’s BrokerCheck record indicates he has six disclosures, including 2 judgments, 2 customer complaints, and the employment separation discussed above.

Recovery of Investment Losses

The White Law Group is investigating potential securities claims involving Lickhai Quach and the liability his employers may have for failure to supervise him. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in all 50 states including Maryland. Our attorneys have recovered millions of dollars from many brokerage firms in the past.