March, 2025 | Based in Maple Grove, MN
If you’ve lost money while investing with NOUACHI VANG, don’t wait to take action. Call 800-950-6553 or complete our online form to schedule your no-obligation case evaluation. Our experienced investment fraud attorneys may be able to help you recover your losses.
Critical Details About NOUACHI VANG
- Full Name: NOUACHI VANG
- CRD Number: 5090132
- Current Location: Maple Grove, MN
- Current Employer: LPL FINANCIAL LLC
- Office Address: 11670 FOUNTAINS DR STE 200, MAPLE GROVE, MN 55369
- Registration Status: Currently registered with LPL FINANCIAL LLC since 08/08/2024
- State Licenses: Licensed in 10 states including California, Colorado, Florida, Georgia, Michigan, Minnesota, North Carolina, South Carolina, Texas, and Wisconsin
- Experience: In the securities industry since 2006
- Professional Designations: Certified Financial Planner
- FINRA BrokerCheck: One customer dispute (settled for $100,000)
- Previous Employers: Kestra Advisory Services, LLC (2022-2024), Vanguard Advisers, Inc. (2020-2022), TIAA-CREF (2016-2019)
- Ability to Recover Losses: Arbitration may be available based on the circumstances and timing of investments
Investigation Overview: Unauthorized Investments and Failure to Follow Client Instructions
Our securities fraud attorneys are investigating allegations against financial advisor NOUACHI VANG (CRD# 5090132), currently registered with LPL Financial in Maple Grove, Minnesota. This investigation stems from a significant customer complaint that resulted in a $100,000 settlement in November 2023.
According to FINRA BrokerCheck records, a client filed a complaint against VANG in February 2023, alleging that while employed at Vanguard Advisers, Inc., VANG invested in ETF instruments contrary to the client’s explicit instructions. This unauthorized activity reportedly led to substantial unrealized losses for the investor. The complaint specifically covered activity between January 25, 2022, and March 10, 2023.
What makes this case particularly concerning is that the complaint was deemed serious enough to warrant a substantial settlement of $100,000, which was paid entirely by the firm with no contribution from VANG personally. This arrangement raises questions about the firm’s supervision practices and VANG’s adherence to client directives.
Background and Professional History
NOUACHI VANG has been in the securities industry since 2006, when he first registered with Vanguard Marketing Corporation. Over his career spanning nearly two decades, VANG has worked with several major financial institutions before joining his current firm, LPL Financial LLC, in August 2024.
VANG’s employment timeline shows:
- LPL Financial LLC (August 2024 – Present)
- Kestra Advisory Services, LLC and Kestra Investment Services, LLC (March 2022 – August 2024)
- Vanguard Advisers, Inc. and Vanguard Marketing Corporation (January 2020 – March 2022)
- TIAA-CREF Individual & Institutional Services, LLC (November 2016 – November 2019)
- Vanguard Advisers, Inc. and Vanguard Marketing Corporation (March 2006 – October 2016)
VANG holds multiple securities licenses, including Series 7 (General Securities Representative), Series 52 (Municipal Securities Representative), Series 6 (Investment Company Products/Variable Contracts Representative), Series 63 (Uniform Securities Agent), and Series 65 (Uniform Investment Adviser Law). He is also a Certified Financial Planner (CFP).
In addition to his role at LPL Financial, VANG maintains several outside business activities, including:
- NouaChi Vang Financial Services (DBA for LPL business)
- Non-variable insurance sales
- Tax preparation services
- Author
- Educational workshop conductor for the Association of Financial Educators
Red Flags in VANG’s Conduct
The settled complaint against VANG highlights several concerning issues that investors should be aware of:
1. Disregarding Client Instructions
The primary allegation involves VANG reportedly ignoring explicit client instructions regarding investments. This represents a fundamental breach of the advisor-client relationship, where the advisor is obligated to act according to the client’s stated investment objectives and risk tolerance.
2. Unauthorized ETF Investments
The complaint specifically mentions unauthorized investments in Exchange-Traded Funds (ETFs). While ETFs can be appropriate investment vehicles in many portfolios, they carry various risks that must be aligned with the client’s investment goals and risk tolerance. Unauthorized trading in any security type is a serious violation of securities regulations.
3. Significant Financial Losses
Though the exact amount of losses was not specified in the complaint, the substantial $100,000 settlement suggests the financial impact on the client was significant. The complaint referenced “significant unrealized losses,” indicating that the unauthorized investments performed poorly enough to warrant this major settlement.
4. Pattern of Concerning Behavior?
While VANG has only one disclosed customer complaint on his record, the nature and settlement amount of this complaint warrant close scrutiny. Sometimes, a single significant complaint can indicate broader issues in an advisor’s practice that may have affected other clients who haven’t yet come forward.
Legal and Regulatory Framework
Financial advisors like NOUACHI VANG are bound by various regulations designed to protect investors. The allegations in this case potentially violate several key FINRA rules:
FINRA Rule 2010: Standards of Commercial Honor and Principles of Trade
This foundational rule requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Disregarding client instructions directly contradicts these standards.
FINRA Rule 2111: Suitability
Financial advisors must have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s investment profile. Making unauthorized investments circumvents this suitability determination process.
FINRA Rule 3260: Discretionary Accounts
This rule prohibits brokers from exercising discretion in a customer’s account unless the customer has given prior written authorization and the account has been accepted as discretionary by the firm. Unauthorized trading essentially constitutes improper discretion.
FINRA Rule 3110: Supervision
Brokerage firms must establish and maintain a system to supervise the activities of their registered representatives. The substantial settlement with no personal contribution from VANG raises questions about whether Vanguard Advisers had adequate supervisory procedures in place.
SEC Fiduciary Standards
As an investment adviser representative, VANG was also subject to fiduciary standards, which require:
- Acting in the client’s best interest at all times
- Full disclosure of material facts and conflicts of interest
- Obtaining client consent for transactions
- Due diligence in investment selection
- Avoiding self-dealing and conflicts of interest
Investing contrary to client instructions would breach these fiduciary obligations, which represent the highest standard of care in the financial industry.
Guidance for Investors Who Worked with NOUACHI VANG
If you were or are a client of NOUACHI VANG and have concerns about your investments, consider taking the following steps:
1. Review Your Account Statements
Carefully examine all account statements from the period you worked with VANG. Look for:
- Investments you don’t recognize or didn’t authorize
- Unusual trading activity or high turnover
- Performance that significantly deviates from agreed-upon investment objectives
- Unexplained fees or charges
2. Document All Communications
Gather all written communications with VANG, including:
- Emails discussing investment strategy and directives
- Text messages or other electronic communications
- Notes from meetings or phone calls
- Account opening documents and investment policy statements
- Any written instructions you provided regarding investment preferences
3. Compare Actual Investments to Agreed Strategy
Review whether your actual portfolio composition matches the investment strategy you agreed upon:
- Asset allocation (stocks, bonds, cash, alternatives)
- Risk level
- Specific types of investments you approved or prohibited
- Investment objectives (growth, income, preservation of capital)
4. Understand the Statute of Limitations
Be aware that there are time limitations for filing complaints or arbitration claims:
- FINRA arbitration claims generally must be filed within six years of the event giving rise to the dispute
- State securities laws may have different limitations periods
- Delays in filing can compromise your ability to recover losses
5. Consult with a Securities Attorney
If you identify discrepancies or unauthorized investments, speaking with an attorney who specializes in securities law and investment fraud is crucial. They can:
- Evaluate the strength of your potential claim
- Determine the appropriate legal remedy
- Estimate potential damages
- Guide you through the FINRA arbitration process if warranted
How Our Investment Fraud Attorneys Can Help
Our law firm specializes in representing investors who have suffered losses due to broker misconduct. In cases like those involving NOUACHI VANG, our experienced attorneys offer comprehensive services:
Forensic Account Analysis
Our team includes financial experts who can perform detailed analyses of your investment accounts to identify:
- Unauthorized transactions
- Unsuitable investments
- Excessive trading (churning)
- Misrepresentations about investments
- Undisclosed fees or commissions
FINRA Arbitration Representation
Most investment disputes are resolved through FINRA arbitration rather than court. Our attorneys have extensive experience in this forum and can:
- Prepare and file your Statement of Claim
- Gather and present evidence of misconduct
- Depose relevant witnesses, including the broker and supervisory personnel
- Calculate appropriate damages
- Present your case before FINRA arbitrators
No Recovery, No Fee Structure
We understand that investors who have already suffered losses may be concerned about legal costs. Our firm typically operates on a contingency fee basis, meaning:
- No upfront costs to you
- We only get paid if we recover money on your behalf
- Our fee is a percentage of the recovery, aligned with your interests
Industry Knowledge and Resources
Our attorneys’ deep understanding of securities regulations and industry practices allows us to:
- Identify violations that may not be obvious to non-specialists
- Anticipate and counter defense strategies
- Access industry experts who can testify about standard practices
- Leverage our experience with similar cases to maximize your recovery potential
Don’t let financial losses from potential misconduct go unaddressed. Take the first step toward possible recovery today. Call 800-950-6553 or complete our confidential online form to discuss your situation with our investment fraud attorneys. The consultation is free, and there’s no obligation to proceed unless you choose to do so.
