Stephen Lard Sanctioned by Securities Regulators After Allegedly Recommending and Selling Unsuitable Investments
Stephen 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, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Stephen S. Lard
Status: INVESTIGATED by Peiffer Rosca.
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