National investment loss lawyers KlaymanToskes reports Khai Quach (CRD# 2804704) of Transamerica Financial Advisors has been permanently barred from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”).
According to FINRA BrokerCheck, Lickhai Quach a/k/a Khai L. Quach was previously registered with Transamerica Financial Advisors from 2012 to 2023 in Rockville, MD. FINRA’s decision comes after Quach refused to produce investigation-related information regarding his alleged borrowing of client funds.
Investors that suffered losses with Khai Quach may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options at no cost.
FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Lickhai Quach, disclosing that he consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, the matter originated from FINRA’s examination of a Form U5 filed by Transamerica which disclosed that Quach was permitted to resign due to customer complaint allegations that he borrowed funds from a client. Further, Quach allegedly did not repay the customer and admitted to borrowing the funds from the client during the firm’s investigation.
FINRA’s Form U5 is the “Uniform Termination Notice for Securities Industry Registration,” used by brokerage firms each time one of their registered employees leaves the firm, for any reason. On July 24, 2023, in connection with its investigation of the circumstances surrounding Quach’ s termination from Transamerica, FINRA sent a request to Quach pursuant to FINRA Rule 8210 for the production of information and documents.
The AWC further disclosed that on July 25th, 2023, Quach acknowledged that he received FINRA’s request and will not produce the information or documents requested at any time. By refusing to provide the information and documents as requested pursuant to FINRA Rule 8210, Quach violated FINRA Rules 8210 and 2010.
Under FINRA Rule 8210, all brokerage firms and registered financial professionals are required to provide information, documents, and testimony upon regulators’ requests.
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
Former customers of Khai Quach that suffered losses at Wells Fargo are encouraged to contact our firm immediately to discuss recovery options at 888-997-9956 or on the web at www.klaymantoskes.com.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com