Stephen S. Lard Accused of Recommending and Selling Unsuitable Investments in Private Placements

Posted by

Stephen S. Lard recommended and sold unsuitable investments, according to a complaint filed by the Financial Industry Regulatory Authority’s (“FINRA”) Department of Enforcement.

Lard recommended and sold various private-placement securities, all of which were speculative, high risk, and illiquid, according to the complaint.

Lard’s 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 the Department of Enforcement.

As a result of Lard’s recommendations, his customers suffered from being unable to liquidate other, substantial investment funds that remain frozen indefinitely, according to the complaint.

Generally, illiquid investments are unsuitable investments for investors who need access to their investments within a short period after making their investment. Illiquid investments are unsuitable for many investors who require that their investment portfolio contain primarily liquid investments in order for the investor to have access to his or her investment funds.

The Peiffer Wolf 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 in connection with their financial professionals’ recommendations of unsuitable investments. 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 Wolf, 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 Wolf.

For brokercheck report and additional info click here!

Peiffer Wolf (1316 Posts)


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.