Lewis Nelson Lester Senior (also known as Lew Lester) of Bridgewater New Jersey a stockbroker formerly registered with Olden Lane Securities LLC has been fined $5,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Lester had been selling away from Olden Lane. Letter of Acceptance Waiver and Consent No. 2020065050501 (Oct. 26, 2020).
The AWC stated that in August of 2017, Olden Lane Securities was made aware from Lester that he was Chief Executive Officer of an LLC which was in the consulting business. Prior to Lester becoming associated with the securities broker dealer, Lester’s LLC underwent two securities transactions in which ownership units were sold. Those ownership units went to passive investors through Securities Act of 1933 Regulation D transactions.
According to the AWC, between December of 2017 and June of 2018, during the time that Lester was associated with Olden Lane, he involved himself in two more securities transactions regarding the sale of ownership units in the LLC. A 2017 transaction occurred as a result of an existing LLC investor wishing to make an additional investment. The AWC stated that an addendum to that investor’s subscription agreement was prepared by Lester allowing for the investor to make a half million dollar investment in exchange for ownership of additional LLC units. The 2018 transaction involved the same investor who prompted Lester to arrange for a $1,000,000.00 purchase of additional ownership interests.
These securities transactions were not made known by Lester to the securities broker dealer and were violative of its policies on selling away. Lester’s private securities transactions ran afoul of FINRA Rules 2010 and 3280.
Lester was employed by Olden Lane Securities between August 8, 2017 and November 7, 2018.
