Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Victor Alan Lessinger (CRD#: 830821) previously of Boca Raton, Florida. Lessinger’s career spans over 44 years, with employment at nine firms, including Colorado Financial Service Corporation from October 2012 to April 2023. Recent disclosures highlight concerns about Lessinger’s conduct, including regulatory actions and client disputes.
On October 28, 2024, FINRA initiated disciplinary action against Lessinger for willfully violating Exchange Act Rule 15l-1(a)(1). FINRA found that Lessinger recommended unsuitable high-risk closed-end management investment companies to a senior retail client, leading to a loss. Despite the client’s moderate risk tolerance and income-focused investment objective, Lessinger allegedly allocated 37% of the client’s net worth to these funds. Lessinger consented to a $5,000 fine, restitution, and a three-month suspension from November 4, 2024, to February 3, 2025.
The U.S. Securities and Exchange Commission (SEC) permanently barred Victor Lessinger from supervisory capacities within broker-dealers following violations related to penny stock transactions. Allegations included failing to supervise and prevent bad practices at Preferred Securities Group, Inc., involving over $3 million in unregistered securities sold through a "pump-and-dump" scheme. Lessinger consented to the bar without admitting or denying the allegations.
Looking for more information about Victor Lessinger? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. Soreide Law Group takes cases on a contingency basis. The firm advances all costs upfront and helps investors nationwide recover losses from sales practice violations. However, outcomes cannot be guaranteed. Lessinger and the firms he worked for deny accusations of sales practice violations.
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