Michael Paul Lessard Jr. of Rock Hill South Carolina a stockbroker formerly employed by Dempsey Lord Smith LLC and representative of Palmetto Premier Advisors has been terminated from those firms between May 9, 2018 and July 3, 2018 founded on accusations that Lessard “borrowed funds” belonging to a customer in violation of the firm’s policy.
This is not the first time that Lessard has been terminated from a FINRA member brokerage firm after allegations of misconduct surfaced. Particularly, Lessard was discharged from former employer, MetLife, on September 5, 2014 based upon Lessard’s apparent admission to having failed to conform to the firm’s policy concerning the use of customer signatures on fixed annuity documentation.
Moreover, Lessard has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Lessard forged the signature of a customer on a fixed annuity application, and made false representations within the firm’s records concerning his activities. Letter of Acceptance Waiver and Consent No. 2014042703401 (Mar. 14, 2016). FINRA found that Lessard’s conduct was violative of FINRA Rules 2010 and 4511.
FINRA Public Disclosure further confirms that on May 9, 2018, a customer filed an investment related complaint involving Lessard’s conduct where the customer sought unspecified damages based upon accusations that while Lessard was associated with Southeast Investments, N.C. Inc. Lessard borrowed $60,102.48 from the customer, failed to repay the money according to their agreement, and misrepresented his qualifications to the customer.
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