Todd Lesk Of Lesk Financial In Coral Springs, FL Barred By FINRA

Todd Lesk (Todd Michael Lesk CRD# 2788300) is a former registered broker and investment advisor most recently employed with Cambridge Investment Research, Inc. (CRD# 39543) of Coral Springs, FL. His previous employers include LPL Financial LLC (CRD# 6413), also of Coral Springs, Invest Financial Corporation (CRD# 12984) of Fort Lauderdale, and Middlebury Securities LLC(CRD#122602) of Boca Raton. He has been in the industry since 1997.

A customer dispute filed on 9/19/2023 alleges that from December of 2021 through November of 2022, Lesk made recommendations that were unsuitable. The client requests damages of $1,000,000, and the claim is currently “pending.”

Following this customer dispute, Lesk resigned from Cambridge, effective 10/4/2023. In the CRD, the firm stated that Lesk tendered his own resignation. However, Cambridge was in the process of terminating Lesk because of his refusal to cooperate with the subsequent FINRA investigation regarding the customer dispute. Cambridge accepted Lesk’s resignation.

FINRA began its own review of the customer’s claim of unsuitable recommendations, reaching out to Lesk on October 4, 2023. The subject was if and whether Lesk made recommendations to the client regarding crypto investments that were not part of Cambridge’s investment offerings.

In their letter, FINRA staff requested related documents and information, and requested on-the-record testimony from Lesk in the matter. His legal counsel notified FINRA staff in an email response that Lesk would neither appear for on-the-record testimony nor provide the requested documents and information at any time.

Because refusing to provide documents, information and testimony violates FINRA Rules 8210 and 2010. In the Letter of Acceptance, Waiver & Consent (AWC), Lesk was permanently and indefinitely barred in all capacities from association with any FINRA members, effective 10/06/2023.

Todd Lesk And MJ Strucutured Annuities Settlements, Inc.

Todd Lesk appears to have a working relationship with MJ Structured Annuities Settlements which is a recently dissolved Florida corporation. Investors have claimed that Todd Lesk sold them MJ investment products with returns tied to lawsuit settlements and potentially other hard assets. However, his FINRA broker check makes no reference to this company or these types of investments.

Did Todd Lesk Recommend An Unapproved Investment?

The tactic called selling away is one that describes a broker selling an investment that isn’t vetted and backed by the firm they are employed and registered with. It’s generally prohibited, but some brokers still engage in this practice. Most will lead a customer to believe it’s a firm-approved investment, but it isn’t.

Sometimes a customer wants to purchase an investment that isn’t backed by the firm. Occasionally, a firm will allow the broker to sell it to them—if the broker notifies the firm and conducts due diligence first. The firm must give its approval, then oversee the transaction. In this way the customer can get something they want that the firm doesn’t offer, and the broker and firm will be in compliance with securities laws and firm policy.

However, not all outside transactions will be approved, and a broker may decide to sell it anyway. Broker-dealers are reluctant to approve these kinds of transactions because they do not want to be responsible for lost client monies. Without the firm’s approval, the broker is breaking the rules and will not be in compliance.

Brokers can be sanctioned as Lesk was and face financial penalties of $2,500 and $77,000 for each rule violation. FINRA can also suspend the broker for as long as two years, or permanently bar them from practicing as a broker, as was the case with Lesk.

For the investor, selling away leaves them open to securities fraud, theft, and the strong possibility of losing money they may never recover.

Bitcoin and other cryptocurrencies are particularly risky investments and should only be pursued by those who understand them. The bitcoin market rises and falls, sometimes dramatically. Without a strong understanding of how they work, an investor could lose a considerable amount of their principal in the process.

Did You Invest With Todd Lesk?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.