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Maryland/DC Area Transamerica Agent Barred by FINRA

Greco & Greco, P.C.

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.

Client Reviews

Greco & Greco represented me several years ago in a case in which my financial planner ignored my investment guidelines in making several very risky investments in my name. This individual was employed by a very large financial services corporation which refused to return my funds. I retained Greco...

J.W.

Very professional and compassionate representation by this firm. Communication was clear and concise. This firm has a high degree of integrity and knowledge of SEC law. Highly recommend.

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Very good attorney - client communication. Great legal representation. Satisfying results.

A.W.

Scott Greco was very professional, and honest. I highly recommend this firm. Scott Greco explained everything in a way I could understand, and I never left the office with unanswered questions. If I ever need any other legal representation Greco & Greco, P.C will be my only choice.

Anonymous | Hired Firm

W. Scott Greco represented me in my attempt to recover money lost in a ponzi scheme. He kindly and skillfully guided me through the process of submitting the required documentation of loss, provided sound legal advice regarding accepting arbitration, and kept me fully informed as the case moved...

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