In a recent development, Lickhai quachA former broker at Transamerica Financial Advisors, Inc., without admitting or denying its findings, consented with the Financial Industry Regulatory Authority’s (FINRA) sanctions. Quach was permanently barred for all roles, the sanction coming into effect August 7, 2023.
Refusal to cooperate with FINRA
Quach failed to comply with FINRA’s request for documents and other information related to the investigation of the circumstances surrounding the termination of his employment at Transamerica Financial Advisors. The firm filed a Form U5 that stated Quach could resign as he was being investigated for violating the firm’s policy. The violation related to borrowing money from the client. This is a serious conduct breach in the financial advisory sector.
Sanctions and their implications
The punishment imposed against Quach is severe, and includes:
- Bar (Permanent )Quach is prohibited from working in any capacity of registration indefinitely. He is now barred from any position in the financial services industry.
- Start DateThe sanctions came into force on 7 August 2023.
This is a major move by FINRA in order to ensure the integrity and protect investors against unscrupulous practice.
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FINRA Arbitration can help you recover your losses
FINRA sanctions are designed to protect investors and maintain standards in the industry. However, those who already have suffered losses must find a way to recover them. FINRA’s Arbitration Process comes into play here.
Investors who feel they have lost money due to the misconduct by a broker or brokerage firm may file a claim for arbitration with FINRA. This process is designed to settle disputes between investors, brokers and brokerage firms.
Arbitration processes are typically faster and less formal. The arbitration process involves an hearing in which both parties make their case before a panel arbitrators who will then render a decision. The broker or brokerage company may be ordered by the arbitrator to pay damages if the decision is favorable to the investor.
Investors are advised to note:
- Arbitration has legal force. Once a decision has been made, it cannot be appealed.
- Investors may choose to have an attorney represent them, but this is not mandatory.
- Investors must file their claims as soon as they can, because there are deadlines for filing them.
FINRA’s Arbitration Process is a vital tool for investors who want to recover their losses, and hold brokers and brokerage companies accountable for the actions they took.
