Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 29, 2016 indicate that California-based Independent Financial Group broker/adviser Alexander Lessard has been the subject of a customer complaint and a FINRA sanctioned. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Lessard (CRD# 2978066).
Alexander Lessard has spent fifteen years in the securities industry and has been registered with Independent Financial Group in Pasadena, California since 2013. Previous registrations include AFA Financial in Northridge, California; UBS Financial Services in La Jolla, California; MML Investors Services in Northridge, California; and Pruco Securities in Newark, New Jersey. He is a registered broker and investment adviser in California and Connecticut.
According to his BrokerCheck report, Alexander Lessard has received one customer complaint and one regulatory sanction.
In 2013 FINRA sanctioned Alexander Lessard following allegations he exercised discretion without customer authorization or firm approval, “improperly used personal email accounts to communicate” with a customer, and failed to disclose on a firm compliance questionnaire that he had exercised discretion. He was issued a 30-day suspension.
In 2010 a customer alleged Alexander Lessard, while employed at UBS Financial Services, breached his fiduciary duty, committed fraud, committed elder abuse, over-concentrated investments, and made unsuitable recommendations in connection with investments in equities and Lehman Brothers convertible bonds. The complaint settled in 2011 for $550,000.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding or have lost money investing with alleged Alexander Lessard, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.