Victor Alan Lessinger, a stockbroker from Centennial, Colorado, formerly associated with Colorado Financial Service Corporation, has been sanctioned by Financial Industry Regulatory Authority (FINRA) following allegations of unsuitable investment recommendations. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023077597701.
Between June 2022 and February 2023, Lessinger advised an 82-year-old retail customer to invest in three high-risk closed-end management investment companies. These recommendations caused significant concentrations of the customer’s net worth—28%, 23%, and 37%, respectively—in the securities. The investments conflicted with the customer’s financial profile, which included limited resources, a moderate risk tolerance, and an income-focused investment objective. Consequently, the customer incurred a loss of $5,029.85.
The matter was resolved on October 28, 2024, through a Letter of Acceptance, Waiver, and Consent (AWC). Without admitting or denying the findings, Lessinger agreed to a $5,000 fine, restitution of $5,029.85 plus interest to the affected customer, and a three-month suspension from associating with any FINRA member in all capacities. The suspension begins on November 4, 2024, and ends on February 3, 2025.
Lessinger was registered with Colorado Financial Service Corporation from October 5, 2012, until April 26, 2023.
