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Quan Luu Facing Allegations of Commission Abuse

Quan Luu (CRD #: 450155), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on November 6, 2023. Details are provided below. 

On August 9, 2023, an investor alleged Quan Luu executed securities transactions for the sake of generating commissions and fees.

The dispute was denied by the firm, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

Commission Abuse

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Executing securities transactions for the sake of commissions is known in the industry as commission abuse

Background Information 

Quan Luu has passed the following exams: 

  • Series 66 Uniform Combined State Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products/ Variable Contracts Representative Examination

He is a registered broker in nine states and is a registered investment adviser in Texas. 

Quan Luu has registered with five firms during his 21 years of experience: 

  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
  • LPL Financial (CRD #: 6413) 
  • Wells Fargo Clearing Services (CRD #: 19616) 
  • Chase Investment Services (CRD #: 25574) 
  • World Group Securities (CRD #: 114473) 

Kurta Law Can Help

If you worked with Quan Luu and have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.