Victor Lessinger Suspended by FINRA

Victor Lessinger (CRD #: 830821), a broker formerly registered with Colorado Financial Service Corporation, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 5, 2024. Keep reading to learn more about his alleged conduct as a broker.

Suspension by FINRA

On October 28, 2024, Victor Lessinger consented to the entry of findings that he allegedly willfully violated Regulation Best Interest by recommending three high-risk closed-end funds to an investor.

A Letter of Acceptance, Waiver & Consent (AWC) alleged that this client was 82 years old and had limited investment experience and a moderate risk tolerance.

Victor Lessinger allegedly recommended three closed-end funds that invested in below-investment-grade loans and securities that were high-risk or speculative. The client’s concentration in these funds allegedly represented 23-37% of her net worth, and resulted in losses of $5,029.85.

The AWC concluded that this alleged misconduct violated Regulation Best Interest and FINRA Rule 2010.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Victor Lessinger consented to the following sanctions:

• 3-month suspension from associating with FINRA members
• $5,000 fine
• Restitution of $5,029.85, plus interest

His suspension began on November 4, 2024, and will end on February 3, 2025.

You can access the full AWC here.

Background Information

Victor Lessinger has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 79TO – Investment Banking Registered Representative Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 1 – Registered Representative Examination
• Series 24 – General Securities Principal Examination
• Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

He previously worked for the following firms:

• Colorado Financial Service Corporation (CRD#:104343)
• Brookstone Securities (CRD#:13366)
• Archer Alexander Securities Corporation (CRD#:41555)
• Vertical Capital Partners (CRD#:35909)
• Preferred Securities Group (CRD#:35704)
• W.J. Nolan & Company (CRD#:16465)
• Linsco/Private Ledger Corporation (CRD#:6413)
• A. T. Brod & Company (CRD#:1319)
• First Investors Corporation (CRD#:305)

Kurta Law Can Help

If you worked with Victor Lessinger and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.