Victor Lessinger Allegedly Recommended Unsuitable Investments
According to public records, The Financial Industry Regulatory Authority (FINRA) has reportedly fined, suspended, and ordered restitution from financial advisor Victor Lessinger for allegedly recommending high-risk closed-end funds to a retail customer between June 2022 and February 2023.
These investments allegedly led to concentrated positions of 28%, 23%, and 37% of the customer’s net worth, which purportedly did not align with her investment profile and reportedly violated her best interests under Regulation Best Interest (Reg BI) and FINRA Rule 2010.
According to FINRA, Lessinger, first registered with FINRA in 1976, was reportedly associated with Colorado Financial Service Corporation from 2012 until his voluntary departure in April 2023. Despite his current lack of FINRA registration, he reportedly remains under FINRA’s jurisdiction.
Lessinger reportedly has a prior disciplinary history, including a $3,000 fine in 2000 and a $20,000 SEC civil penalty in 2005 for supervisory failures, which resulted in permanent restrictions on his involvement in penny stock offerings and supervisory roles.
FINRA BrokerCheck – Victor Lessinger
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
Lessinger (CRD #830821) reportedly has 6 disclosures on his record, including 4 regulatory events. He was reportedly registered with the following brokerage firms during his career in the securities industry, among others:
10/05/2012 – 04/26/2023 COLORADO FINANCIAL SERVICE CORPORATION (CRD#:104343) BOCA RATON, FL
07/05/2007 – 06/20/2012 BROOKSTONE SECURITIES, INC. (CRD#:13366) FINRA expelled the firm on 10/09/2012 BOCA RATON, FL
02/16/2005 – 04/29/2006 ARCHER ALEXANDER SECURITIES CORPORATION (CRD#:41555) FINRA expelled the firm on 08/31/2007 CORAL SPRINGS, FL
Regulation Best Interest
Under the “Regulation best interest” standard, broker-dealers are obligated to perform due diligence when evaluating any investment. If your financial advisor fails to perform due diligence on an investment before recommending it to you, they could be held liable for investment losses.
If your advisor unsuitably recommended an investment offering and you lost money, the securities attorneys at The White Law Group may be able to file a complaint for you. You may be able to recover losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
Free Consultation with National Securities Attorneys
If you have suffered investment losses with Victor Lessinger, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
About the White Law Group
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses.
Last modified: October 30, 2024
