Public records provided by the Financial Industry Regulatory Authority (FINRA) on June 9, 2016 indicate that former Minnesota-based Feltl & Company broker/adviser Lance Ziesemer has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Ziesemer (CRD# 2342087).
Lance Ziesemer has spent 22 years in the securities industry and was most recently registered with Feltl & Company in Wayzata, Minnesota (2007-2016). Previous registrations include Wachovia Securities in Wayzata, Minnesota (2001-2007); H&R Block Financial Advisors in Detroit, Michigan (1993-2001); and Westonka Investments in Minnetonka, Minnesota (1993). Mr. Ziesemer is currently not registered with any state or firm.
According to his BrokerCheck report, Lance Ziesemer has received two customer complaints, two pending customer complaints, and two regulatory sanctions.
In May 2016, FINRA sanctioned Lance Ziesemer following allegations he “implemented a trading strategy and made unsuitable recommendations to customers to switch from unit investment trusts (UITs) to other UITs after holding the investments for a short time period.” According to FINRA’s complaint, Mr. Ziesemer was required to obtain a “switch letter” from customers before making such transactions, but failed to obtain a switch letter from any of them. The transactions allegedly “resulted in approximately $160,000 in combined net losses for the customers,” for which they paid $64,815 in commissions, of which Mr. Ziesemer received $38,689. He was issued a 3-month suspension and fines and disgorgement totaling more than $45,000.
In April 2016, a customer alleged Lance Ziesemer, while employed at Feltl & Company, made unsuitable investment recommended, engaged in excessive trading, effected unauthorized transactions, and “fraudulently” attempted to conceal losses. The customer is seeking $1,250,000 in damages in the pending complaint.
In April 2016, a customer alleged Lance Ziesemer, while employed at Feltl & Company, made unsuitable investment recommendations and over-concentrated investments. The customer is seeking $143,725 in damages in the pending complaint.
In February 2016, Lance Ziesemer voluntarily resigned from his position at Feltl & Company following allegations he violated FINRA rules related to “short term and inappropriate trading of UITs.”
In 2013, a customer alleged Lance Ziesemer, while employed at Feltl & Company, recommended unsuitable investments, participated in breakpoint selling, effected unauthorized trades, and misrepresented material facts. The complaint settled for $150,000.
In 2013, a customer alleged Lance Ziesemer, while employed at Feltl & Company, engaged in unsuitable and excessive trading. The complaint settled for $50,000, to which Mr. Ziesemer individually contributed $50,000.
In 2008, FINRA sanctioned Lance Ziesemer following allegations he settled complaints with two customers away from his member firm, “in an attempt to prevent them from filing a complaint.” Mr. Ziesemer was issued a 20-day suspension and a fine of $5,000.
If you have lost money investing with Lance Ziesemer, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recoup your losses. All cases are taken on contingency, which means Fitapelli Kurta only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.