Nouachi Vang (CRD #5090132) Has Customer Dispute Disclosures on FINRA BrokerCheck
Nouachi Vang (CRD #5090132) has been the subject of disclosure events, which have recently been reported on his FINRA BrokerCheck Report. According to Nouachi Vang’s FINRA BrokerCheck report accessed on January 18, 2026, Nouachi Vang has been the subject of two customer disputes, including one pending matter. If you invested with Nouachi Vang and you have concerns about his activity, keep reading.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Investor Disputes / Customer Complaints
Nouachi Vang’s FINRA BrokerCheck Report reflects two customer dispute disclosures. A summary of each dispute is below:
On February 28, 2023, a customer alleged that Nouachi Vang invested in ETF instruments and did not follow the customer’s instructions, which allegedly resulted in significant unrealized losses for the period January 25, 2022 through March 10, 2023. The product type listed on the disclosure is ETF. The disclosure reflects the matter was settled for $100,000.00 on November 30, 2023.
On November 24, 2025, a customer alleged fraudulent misappropriation of assets resulting in a financial loss exceeding $135,000.00. The dispute is pending in FINRA arbitration (docket/case # 25-00381), and the alleged damages are $135,000.00. The disclosure includes a broker statement from Nouachi Vang stating that this should not have been disclosed against him because the person was not a client and there is no merit to the allegations.
Rule summary #1: FINRA Rule 2150 (Improper Use of Customers’ Securities or Funds)
FINRA Rule 2150 prohibits member firms and associated persons from making improper use of a customer’s securities or funds. This rule is commonly referenced in matters involving alleged misuse, conversion, or misappropriation of investor assets.
Rule summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)
FINRA Rule 2010 is a broad, principles-based rule requiring members and associated persons to observe high standards of commercial honor and just and equitable principles of trade. FINRA frequently cites Rule 2010 in matters involving unethical conduct.
Why this Matters to Investors (Regulation Best Interest)
Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.
Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.
Reg BI is built around four key obligations:
- Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
- Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
- Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
- Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.
Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.
Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.
Background Information (from BrokerCheck)
Based on his BrokerCheck Report, Nouachi Vang:
Is currently registered with LPL Financial LLC.
Has passed the Securities Industry Essentials (SIE), Series 7, Series 52, Series 6, Series 65, and Series 63 exams.
Was previously registered with firms that include Kestra Advisory Services, LLC; Kestra Investment Services, LLC; and Vanguard Advisers, Inc.
Kurta Law Can Help
If you have worked with Nouachi Vang and you have concerns about his activity, Kurta Law may be able to help you evaluate potential recovery options. You may be entitled to pursue a claim through FINRA arbitration, depending on the facts of your situation and the investments involved. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
Helpful resources: Stockbroker Theft | FINRA Arbitration Steps
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