I’ve come across a concerning case in the financial brokerage world involving Lickhai Quach. In my years as a financial analyst and writer, witnessing disputes about investor claims is not uncommon, but it stands out when they involve industry veterans like Quach. With a career spanning back that’s traceable through his CRD serial number 2804704, Quach’s experience in Rockville, Maryland became marred by controversy, culminating in his abrupt separation from Transamerica Financial Advisors Inc. on March 10, 2023. What lies at the heart of this dispute are allegations of sales practice violations and reported breaches leading to his departure.
My Analysis of Quach’s Refusal to Cooperate with FINRA
It was on August 7, 2023, when Quach’s professional trajectory took a downturn. FINRA permanently barred him from the securities industry. The pitfall was Quach’s reported refusal to provide documents and information required for a FINRA investigation, related to questionable activities that aligned with his departure from Transamerica. His resignation seems to have been triggered by a compliance review that unearthed potential policy violations, including borrowing from a client.
Transamerica’s Decision to Terminate Quach’s Role
The termination of Quach’s association with Transamerica brought to light similar instances of alleged policy infractions. These centered around claims of him admitting to borrowing client funds—an action that could breach several ethical and professional standards in our field.
Dissecting the Dispute Over Borrowed Funds
Following these significant internal upheavals, a former client accused Quach of borrowing money and not repaying it. On April 5, 2023, Transamerica Financial Advisors Inc. settled the matter, paying $76,000 in damages. I recalled a previous incident from December 8, 2004, when Quach was at WMA Securities Inc., a client then accused him of misrepresenting a variable annuity, leading to a claim for damages totaling $47,008.04.
If you’re an investor who’s experienced similar issues, seeking restitution is possible either online or by calling (888) 760-6552. Support is available to investors nationwide who are navigating these troubled waters, looking to recoup investment losses on a contingency fee basis. Despite the gravity of these claims, it’s important to note Quach and his previous employers have firmly denied all allegations of misconduct.
In light of this saga with FINRA Broker Lickhai Quach, I’m reminded of a timeless piece of wisdom from the world of finance: “An investor without investment objectives is like a traveler without a destination.” It’s critical for investors to remain vigilant when selecting financial advisors. The strength and confidence invested in the financial markets and the advisor-client relationship must endure these trials.
I want to leave you with a startling fact: research suggests that bad financial advisors cost Americans billions of dollars annually. That’s why, as investors, you must be diligent in reviewing an advisor’s history and credentials, such as their FINRA CRD number. Trust is a commodity that’s hard-earned and easily lost in our industry. The case of Lickhai Quach serves as a valuable lesson in the importance of maintaining that trust and carrying out due diligence.
Bringing this knowledge to you, I aim to equip you with the insights needed to navigate the complex financial landscape. Stay informed, stay vigilant, and always keep your investment journey aligned with your goals.
