Lance Jeffrey Ziesemer, of Wayzata, Minnesota, a stockbroker formerly registered with Feltl & Company, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Ziesemer failed to provide a response to FINRA personnel’s information request. Letter No. 2016049847001 (Sept. 26, 2016).
Ziesemer was previously sanctioned by FINRA for violating FINRA Rules 2010 and 2111, as well as NASD Rule 2310 based upon his consent to findings that he made unsuitable investment recommendations to Feltl & Company customers concerning a short-term unit investment trust trading strategy. Letter of Acceptance, Waiver and Consent, No. 2013036524903 (May 12, 2016).
FINRA Public Disclosure reveals that Ziesemer has been named in nine customer initiated investment related disputes containing allegations of his misconduct while employed with Olde Discount Corporation and Feltl & Company. Particularly, he was named in a customer initiated investment related arbitration claim on November 1, 2016, in which the customer requested $90,000.00 in damages based upon allegations that Ziesemer sold away from his firm, made investment based misrepresentations to the customer, committed fraud, and effected unit investment trust and over-the-counter equity transactions which were excessive, unauthorized and unsuitable for the customer.
Further, on June 13, 2016, a customer filed an investment related arbitration claim involving Ziesemer’s conduct, in which the customer requested $1,000,000.00 in damages based upon allegations that from 2007 to 2016, Ziesemer made fraudulent attempts at concealing the customer’s investment losses pertaining to stock, over-the-counter equities, and variable annuity products.
From July 28, 2016, to October 17, 2016, three additional customer initiated investment related disputes regarding Ziesemer’s activities were filed, in which the customers have collectively requested $258,854.00 in damages based upon allegations including fraud, excessive commissions, excessive trading, unsuitability, and unauthorized transactions in reference to equity and unit investment trust products.
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