Soreide Law Group is investigating possible claims of excessive trading and unsuitable trading by Feltl & Company securities broker Lance Ziesemer (CRD#: 2342087, Wayzata, Minnesota). Notably, Ziesemer reports on FINRA BrokerCheck that at least 14 clients brought complaints or arbitration claims about his sales practices. It appears from those investor claims that Ziesemer may have sold clients bad investments or negligently traded in clients’ accounts. Here’s more on some of the disputes about Ziesemer:
Feltl Client Files FINRA Arbitration Claim Indicating Lance Ziesemer Sold Unsuitable Investments
First of all, a client of Feltl contested Ziesemer’s sales practices in filing FINRA Arbitration #: 18-02898 on August 15, 2018. The client asserted causes of action against Feltl including negligence, omissions, misrepresentation, breach of fiduciary duty, breach of contract, violation of Minnesota law, violation of Securities Exchange Act, and violation of Investment Advisers Act. Apparently, Ziesemer – who was the subject of the claim – allegedly made unreasonable discretionary trades. Supposedly, Ziesemer concentrated the client’s assets in real estate, natural resources, and financial services products. On January 24, 2019, the FINRA Arbitrator found in favor of the client and granted $44,972 in damages.
Feltl Client Awarded Damages From Claim About Ziesemer’s Apparent Improper Exercise Of Discretion
Secondly, a Feltl client brought FINRA Arbitration #: 18-02793 on August 7, 2018. Apparently, this matter also contained allegations of Ziesemer unreasonably exercising discretionary authority. Supposedly, Ziesemer should not have invested the client in speculative, aggressive energy stocks, real estate securities, and financial services investments. This client asserted causes of action which included violations of securities laws in connection with Ziesemer’s exercise of discretion. On January 7, 2019, the Arbitrator determined that Feltl was liable and required the securities firm to pay the client $17,193.
Client Of Feltl Files Dispute Suggesting Lance Ziesemer Made Excessive Trades
Thirdly, a client of Feltl disputed Ziesemer’s trading in a complaint to Feltl on April 10, 2018. Allegedly, Ziesemer made excessive trades in this client’s account. Supposedly, some of Ziesemer’s trades included OTC equities and unit investment trusts. The client also contended that Ziesemer generated excessive commissions on investments which the client should not have been invested in. It appears that Ziesemer may have engaged in unsuitable trading from 2007 to 2016. As a result, Feltl settled this matter by paying the client $125,000.
FINRA Sanctions Ziesemer Three Times For Bad Behavior
Most recently, FINRA barred Ziesemer September 26, 2016. Apparently, FINRA requested information from Ziesemer but he did not respond. Notably, FINRA’s bar prohibits Ziesemer from acting as a broker or working with a brokerage firm.
On May 13, 2016, FINRA issued Ziesemer a 3-month suspension and $7,500 fine, and FINRA ordered him to disgorge $38,889 for allegedly using an unsuitable trading strategy for clients. In the AWC, FINRA says Ziesemer gave clients bad advice about unit investment trusts (UITs). Supposedly, the UITs were not meant for short-term trading which was what Ziesemer recommended. Also, FINRA reported that Ziesemer did not follow Feltl policy which required clients to complete authorizations before they could switch UITs. Ziesemer apparently generated $160,000 in client losses.
Also, on November 24, 2008, FINRA issued a 20-day suspension and $5,000 fine to Ziesemer for allegedly settling away with two clients. Apparently, Ziesemer violated NASD Rule 2110 because he did not have permission to settle the matter and he tried to conceal it.
Losses From Ziesemer?
Experienced losses due to Feltl & Company securities broker Lance Ziesemer? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.