Our security fraud attorneys at Meyer Wilson are currently investigating claims against former broker Lance J. Ziesemer.
In order to settle proceedings with the Financial Industry Regulatory Authority (FINRA), former Feltl & Company broker Lance J. Ziesemer has consented to a fine and three-month suspension from associating with any FINRA broker-dealer. According to FINRA, Ziesemer, who was registered as a broker from 1993-2016, allegedly implemented a trading strategy and made unsuitable recommendations to two customers to switch from Unit Investment Trusts (UITs) to other UITs after holding the investments for a short time period, resulting in approximately $160,000 in combined losses.
According to allegations, Ziesemer recommended the two customers repeatedly sell UITs they held for less than a year, and use the proceeds to purchase other UITs. Along with the alleged losses, FINRA stated that these customers paid total commissions of $64,815 on these transactions, $38,889 of which went to Ziesemer.
Ziesemer’s publicly-available FINRA Brokercheck Report indicates that he has also been the subject of five customer disputes between 2007 and 2016. He was also previously the subject of FINRA proceedings in 2008 for allegedly resolving two customer complaints away from his broker-dealer, and settlement of the FINRA action resulted in a 20-day suspension and a $5,000 fine.
If you invested and lost money with former Feltl & Company broker Lance J. Ziesemer, you may be able to recover your losses. If Ziesemer was your financial advisor, schedule a free consultation with us to discuss your options.