Lawrence Michael Korseko, of Littleton, Colorado, a stockbroker formerly registered with The Leaders Group, Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Koresko’s consent to FINRA’s findings that he failed to disclose customer complaints against him for committing investment related misconduct. Letter of Acceptance, Waiver and Consent, No. 2014043493201 (Sept. 27, 2017). FINRA found that Koresko’s non-disclosures constituted violations of FINRA Rule 2010 and 1122.
FINRA Public Disclosure reveals that from June of 2010 to December of 2015, Korseko was sued twelve times in reference to the outside business activities that he engaged in. Particularly, customers filed an investment related civil action involving Korseko’s conduct, alleging misconduct including misrepresentation and fraud in regard to insurance products effected in customers’ investment accounts. Case No. 2:14cv5216 (E.D. Pa. Sept. 10, 2014).
In another set of civil actions pertaining to Korseko’s activities, customers alleged breach of fiduciary, violation of Racketeer Influenced and Corrupt Organizations Act and common law fraud. Cases No. 2:14cv5285; 2:14cv5286; 214cv5287; 2:14cv5288 (E.D. Pa. Sept. 16, 2014). Then, a customer filed an investment related civil action involving Korseko’s conduct, in which the customer sought $75,000.00 in damages supported by allegations that while Korseko was associated with Transamerica Financial Advisors, Inc., he breached his fiduciary obligations to the customer through allowing the customer’s plan assets to be converted, and made misrepresentations concerning insurance transactions. Case No. 15-224 (E.D. Pa. Jan. 14, 2016).
He has also been subject of a customer initiated investment related civil action on October 6, 2016, where the customer requested compensatory damages, restitution and disgorgement based upon allegations that Korseko breached his fiduciary duties and defrauded the customer regarding insurance products purchased by them. Case No. 2:16cv5297 (Oct. 6, 2016).
Since January 23, 1990, Korseko has been associated with six different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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