• November 16, 2023
• LPL Financial

Todd Lesk (CRD#: 2788300) is a previously registered broker and investment advisor.

Broker’s Background

He entered the securities industry in 1997 and previously worked for Cambridge Investment Research, Inc.; LPL Financial LLC; Invest Financial Corporation; Middlebury Securities, LLC; Sterne Agree Financial Services, Inc.; Atlantic Coast Securities Corporation; Livingston Monroe Capital Group, Inc.; G.T. Jeffers & Company, LLC; J.P Turner & Company, LLC; First Union Securities Financial Network, Inc.; Barron Chase Securities, Inc. (FINRA expelled the firm); LH Ross & Company, Inc. (FINRA expelled the firm).

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 4, 2023, FINRA sent requests to Lesk for the production of information and documents and to appear for on-the-record testimony pursuant to FINRA Rule 8210. FINRA issued its requests in connection with its investigation into whether Lesk recommended that his customer invest in a crypto asset offering away from his member firm. As stated in his counsel’s email to and phone call with FINRA on October 4, 2020, and by this agreement, Lesk acknowledges that he received FINRA’s requests and will not produce the information or documents requested and will not appear for on-the-record testimony at any time. By refusing to produce the information or documents and to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Respondent violated FINRA Rules 8210 and 2010.  Respondent also consented to the imposition of the following sanctions: a bar from associating with any FINRA member in all capacities.

For a copy of the letter of acceptance, waiver, and consent, click here.

In addition, Todd Lesk has been the subject of several other disclosures, including the following:

• October 2023—“ The FP tendered a resignation however, based on the Firm’s understanding that the FP was unwilling to cooperate with either the regulators or the Firm’s requests for information, the Firm was already in the process of terminating its relationship with the FP and accepted the resignation.” Cambridge Investment Research, Inc.
• September 2023—“Customer alleges representative made unsuitable recommendations during the period of December 2021 to November 2022.” The damage amount requested is $1,000,000 and the customer dispute is still pending.
• March 2017—“ Customers allege that in 2015 Todd Lesk purchased and sold securities in their Trust account without authorization and that Mr. Lesk churned the account.” The damage amount requested was $33,000 and the customer dispute settled for $30,000.

For a copy of Todd Lesk’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

 

The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.