Qui Hong Lam Suspended from Securities Industry and Fired by UBS Financial Services, Inc. – Goodman & Nekvasil P.A., May Recover Investor Losses

Goodman & Nekvasil P.A., May Recover Investor Losses - Qui Hong Lam Suspended from Securities Industry and Fired by UBS Financial Services, Inc. 

From 2011 until Qui Hong Lam’s firing in May 2014, Qui Hong Lam was licensed with UBS Financial Services, Inc. According to FINRA’s records, Qui Hong Lam was fired by UBS Financial Services, Inc. on May 14, 2014. UBS Financial Services, Inc. reported to FINRA that UBS Financial Services, Inc. terminated Qui Hong Lam’s employment after the Firm lost confidence in Qui Hong Lam’s abilities to perform the responsibilities of Qui Hong Lam’s role, for reasons including (1) assisting a registered investment advisor client with responding to SEC examination requests by supplying records that were not official books and records of the Firm, and (2) making changes to account documents after they were signed by the client.

Subsequent to Qui Hong Lam’ firing by LPL Financial LLC, FINRA investigated Qui Hong Lam and brought a disciplinary action against Qui Hong Lam. Qui Hong Lam was suspended for 45 days from the securities and investment banking industry and fined $5,000 on October 15, 2015. FINRA reports that Qui Hong Lam consented to the sanctions and to the entry of findings that Qui Hong Lam falsified documents related to customers’ accounts, by altering the risk tolerances on already-signed options agreements for the customers’ accounts without the customers’ knowledge and consent. According to FINRA, Qui Hong Lam then submitted the documents for approval to Qui Hong Lam’s member firm. According to FINRA, the firm’s written supervisory procedures prohibited employees from changing or adding information to any document after a client has signed it unless the change is subsequently initialed by both the employee and client as acknowledgement of the change. According to FINRA, neither Qui Hong Lam nor the clients initialed the changed information on the options agreements before Qui Hong Lam submitted them to the firm for approval. The findings stated that by the foregoing conduct, Qui Hong Lam caused Qui Hong Lam’s firm to retain and preserve false records.

If you lost any money on investments with Qui Hong Lam, you may be able to recover your losses from UBS Financial Services, Inc. This is because UBS Financial Services, Inc. had a duty to supervise Qui Hong Lam. 

If you lost money on investments with Qui Hong Lam and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against UBS Financial Services, Inc. concerning Qui Hong Lam’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Qui Hong Lam and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

 

Keywords: Qui Hong Lam, UBS Financial, LPL Financial, FINRA, SEC, Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, Securities 

 

Back to Blogs

Contact Us For a Free Consultation

 
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
15 + 2 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.