Leland Todd Proshek (CRD #4016188) Has Disclosures on FINRA BrokerCheck

Leland Todd Proshek (CRD #4016188) was previously registered as a broker and has disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on April 23, 2026. It reflects one customer dispute and one employment separation after allegations. If you invested with Leland Proshek and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation

Leland Proshek’s FINRA BrokerCheck Report reflects one employment separation after allegations. A summary of the disclosure is below:

On February 25, 2026, Sigma Financial Corporation discharged Leland Proshek. Leland Proshek’s FINRA BrokerCheck Report says the firm had reason to believe he failed to disclose or report several outstanding financial judgments. BrokerCheck also includes his version, which says the firm claimed he failed to disclose or report several outstanding financial judgments.

Investor Disputes / Customer Complaints

Leland Proshek’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On May 8, 2009, customers alleged that Leland Proshek made excessive and inappropriate trades from January 2007 through April 2009, causing losses. Leland Proshek’s FINRA BrokerCheck Report lists OTC equities, listed equities, and options, and it shows alleged damages of $200,000. BrokerCheck says the matter settled on November 4, 2010 for $52,500. His statement says the respondents’ insurance company funded the settlement, and he did not personally contribute.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for a recommendation and to match it to the customer’s profile. A complaint about excessive or inappropriate trading can raise questions about whether the trading activity fit the customer’s objectives and risk tolerance.

Rule Summary #2: FINRA Rule 1122 (Filing of Misleading Information as to Membership or Registration)

FINRA Rule 1122 bars incomplete or inaccurate registration filings that could mislead. A termination tied to undisclosed financial judgments can raise reporting issues when required information was not fully disclosed or corrected.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Leland Proshek:

Was previously registered with Sigma Financial Corporation, Questar Capital Corporation, and Proequities, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Leland Proshek has also passed Series 7, Series 65, and Series 63.

Has no principal or supervisory exams reported.

Kurta Law Can Help

If you have worked with Leland Proshek and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. A securities attorney can help you assess potential causes of action and determine whether your losses may be recoverable through FINRA arbitration or other avenues. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Security Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.