Stephen Lard Sanctioned by Securities Regulators After Allegedly Recommending and Selling Unsuitable Investments

Rochester stockbroker fraud attorneyStephen S. Lard, formerly associated with QA3 Financial Corp., recommended and sold unsuitable investments to his customers, according to allegations made by the Financial Industry Regulatory Authority (“FINRA”).

Lard recommended and sold various private-placement securities, all of which were speculative, high risk, and illiquid, and exempt from registration under various federal securities laws to three of his customers, according to FINRA.

His actions resulted in a concentrated position for each investor of approximately 50% or greater, which was unsuitable and exposed each investor to a risk of loss that exceeded each investor’s risk tolerance and investment objectives, according to FINRA.

Lard consented to being fined $5,000 and suspended 20 business days from the securities industry without denying or admitting FINRA’s findings.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Stephen S. Lard

Status: INVESTIGATED by Peiffer Rosca.

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Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.