Todd Michael Lesk of Coral Springs, Florida, a stockbroker previously registered with Cambridge Investment Research Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Lesk refused to cooperate with a FINRA investigation concerning his potential outside business activities. Letter of Acceptance, Waiver, and Consent No. 2023079873001 (October 6, 2023).
FINRA initiated an inquiry into whether Lesk had recommended that a customer invest in a crypto asset offering outside of his association with Cambridge Investment Research Inc. On October 4, 2023, FINRA sent requests to Lesk for documents, information, and his testimony related to the investigation.
Lesk, through his legal counsel, informed FINRA on the same day that he would not provide the requested information or testify. As a result of his refusal to cooperate, FINRA found that he violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Lesk was referenced in a customer initiated investment related complaint that was settled on November 8, 2017, for $30,000.00 in damages based upon allegations that Lesk engaged in churning and unauthorized trading in stocks during the time that Lesk was associated with Middlebury Securities LLC.
On September 19, 2023, a customer filed an investment related FINRA securities arbitration claim involving Lesk’s conduct in which the customer requested $1,000,000.00 in damages based upon allegations that Lesk made unsuitable recommendations when Lesk was associated with LPL Financial LLC in connection with some unapproved crypto currency scheme. FINRA Arbitration No. 23-02528.
On October 4, 2023, Cambridge Investment Research Inc. permitted Lesk to resign based upon allegations that Lesk was unwilling to cooperate with either the regulators or the securities broker dealer’s inquiries.
