Maryland - Greco & Greco

Maryland/DC Area Transamerica Agent Barred by FINRA

Greco & Greco, P.C. — Tue, 17 Oct 2023 18:57:12 GMT

Lickhai Quach, a Silver Spring, Maryland broker/agent of Transamerica Financial Advisors, Inc., was recently barred by FINRA from association with any FINRA firm. The FINRA Letter of Acceptance, Waiver, and Consent states that Mr. Quach refused to produce documents or information to investigators as required by FINRA Rule 8210.

Mr. Quach was allegedly under investigation by FINRA as a result of being permitted to resign “while under review by the firm for violating firm’s policy related to borrowing funds from a client.” Mr. Quach’s FINRA Brokercheck report states that he was registered with Transamerica since 2012. The report further states that he had one recent customer complaint relating to borrowed funds that settled, and that he was permitted to resign in March, 2023.

Registered financial advisors are generally prohibited from borrowing money from customers under FINRA Rule 3240 except in limited circumstances such as from a family member or other personal relationship. The loan must also be disclosed and approved by the advisor’s firm.

The reasons behind the rule include the myriad of conflicts of interest associated with an advisor recommending to a customer that they pay the advisor their funds, and further include the fact that such loans can be cover for thefts by financial advisors.

The Maryland Securities Fraud attorneys at Greco & Greco have decades of experience representing customers who have been defrauded by their financial advisors through loan schemes or actual thefts. Please contact Scott Greco for a free attorney consultation if you may have been a victim of such a scheme.

Rockville, Maryland Morgan Stanley Broker Barred by FINRA

Greco & Greco, P.C. — Fri, 13 Oct 2023 17:48:02 GMT

Miche Jean was a registered securities salesperson with Morgan Stanley in Rockville, Maryland since 2015. However, on November 12, 2020, Morgan Stanley submitted a Termination Notice (Form U5), indicating that they terminated Jean’s employment due to concerns related to his trading strategy for certain clients, potential unauthorized discretion in specific accounts, and incomplete and delayed communication with clients regarding transactions. Furthermore, on March 30, 2021, an amended Form U5 disclosed a customer complaint alleging unauthorized trading with exchange-traded funds (ETFs) during Jean’s tenure at Morgan Stanley.

Then, on November 15, 2022, the Maryland Securities Commissioner issued a Consent Order in which Jean admitted to fraudulent actions during his time with Morgan Stanley in Maryland. Specifically, he was found to have initiated four ACH transfers, totaling $10,182, from a Morgan Stanley customer’s brokerage account to cover his personal credit card expenses.

FINRA, a national self-regulatory securities regulator, recently barred Mr. Miche from the industry pursuant to a decision by its Office of Hearing Officers.

Securities firms such as Morgan Stanley have legal duties requiring them to reasonably supervise their brokers to attempt to prevent fraudulent and criminal activity. Greco & Greco’s local Maryland Securities Fraud Lawyers have decades of experience representing customers against securities firms and brokers for cases of investment fraud and theft by brokers. Please contact Scott Greco for a free attorney consultation if you believe that you may have been the victim of similar misconduct.