Stephen Samuel Lard was fined $5,000 and suspended for twenty days by FINRA to resolve allegations that he solicited and recommended that customers invest in speculative, high-risk and illiquid private-placement securities, resulting in an unsuitable overconcentration of the customer’s financial assets.
One customer suffered losses of over $400,000 in three different private-placements, two of which were Ponzi Schemes. Another customer invested $750,000 of their assets in a private-placement which they have been unable to liquidate due to significant limitations on reselling the investment and its redemption provisions.
According to FINRA records Lard was registered with Centaurus Financial from 3/2011 to 7/2014. He was previously registered with QA3 Financial.
If you have suffered losses on private-placement investments, also known as Reg D offerings, you may be able to recover damages. Call to discuss your legal options.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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