The industry sketch of financial brokerages reverberates once more with unsettling reports as investor claims concerning Legal Rights Advocate – Lickhai Quach, surface. The industry veteran with a substantial career, holding a CRD serial number 2804704 and based in Rockville, Maryland, has witnessed some significant shifts in his professed landscape. Unquestionably, Quach held the position at Transamerica Financial Advisors Inc. from January 6, 2012, till a diverging turn hit on March 10, 2023. At the heart of this deviation, was a string of reported FINRA violations leading to his ban, and investor disputes alleging sales practice anomalies.
Refusal to Cooperate: The FINRA Inquisition
On August 7, 2023, Quach’s fate took a sharp twist. He was sanctioned by FINRA with an ascertained permanent bar on his securities brokerage activities. What brought on this significant predicament was an alleged defiance on his part, marked by his failure to supply key documents and information crucial to a FINRA investigation. This probe pertained to irregularities surrounding his abrupt departure from Transamerica. According to the company’s Form U5, Quach chose the path of resignation when a compliance review suggested he possibly violated policy, with specific reference to borrowing from a client.
Terminated: Quach Parts Ways With Transamerica
March 10, 2023, witnessed the partnership between Transamerica and Quach meet its end. Similar indications revolving around Quachs’ purported violation of policy were cited as the primary reason, suggesting he acknowledged borrowing client funds.
Investor Claim: A Borrowed Funds Controversial
In the aftermath of these events, a disgruntled client alleged that Quach had borrowed funds which he had failed to return. Stemming from this issue, Transamerica Financial Advisors Inc. arrived at a settlement with the client on April 5, 2023. A crushing $76,000 in damages was paid out to ease the investor’s grievance.
But this isn’t the first time that Quach had faced such allegations. Way back on December 8, 2004, one of his then-clients at WMA Securities Inc. accused Quach of misrepresenting a variable annuity. Resultantly, the client sought a recovery of $47,008.04 in damages, claiming to have suffered financial harm due to the broker’s sales practices.
Damaged investors aggrieved by the fallout may seek out financial redress online or by dialing (888) 760-6552. Therapeutic services are endowed to such investors enduring investment losses nationwide, offering compensation recovery on a contingency fee basis. It’s worthy to note however that Quach and his previous employers vehemently refute all allegations of sales practice violations.
Given these contentious developments involving FINRA Broker Lickhai Quach, it’s alarmingly clear that investors should exercise caution when engaging with financial advisors. Ultimately, the unwavering resilience of financial markets and the trust-based foundation of investor-broker relationships must withstand these contentious circumstances.