Lickhai Quach (also known as Khai Quach), of Rockville, Maryland, a stockbroker registered with Transamerica Financial Advisors Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Quach failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2023078163901 (August 7, 2023).
According to the AWC, Transamerica submitted a Uniform Termination Notice for Securities Industry Registration (known as Form U5) to FINRA. This Form U5 detailed that Quach’s departure was due to a resignation made during an internal review by Transamerica. The review focused on Quach’s alleged breach of the firm’s policy that pertained to borrowing money from a customer.
FINRA initiated its own investigation based on the Form U5 that Transamerica filed. As a part of its investigation on July 24, 2023, FINRA reached out to Quach, requesting certain information and documents as mandated by FINRA Rule 8210. The following day, Quach communicated with FINRA, confirming that he had received the request. However, Quach declared his intention not to hand over the requested documents or information.
Due to his refusal to comply, Quach was found by FINRA to have violated Rules 8210 and 2010.
FINRA Public Disclosure shows that Quach is also referenced in a customer initiated investment related complaint filed on December 8, 2004, in which the customer requested $47,008.04 in damages based upon allegations that Quach made misrepresentations of material fact in connection with the sale of variable annuities during the time that Quach was associated with WMA Securities Inc. This complaint was denied by the securities broker dealer.
On April 5, 2023, a customer initiated investment related complaint involving Quach’s conduct was settled for $76,000.00 in damages based upon allegations that Quach failed to repay funds he borrowed from the Transamerica Financial Advisors Inc. customer.
Quach was associated with Transamerica Financial Advisors Inc. as a stockbroker from January 6, 2012, to March 10, 2023.
