CMD Investigating Claims Against Lance J. Ziesemer and Feltl & Company for Unsuitable Unit Investment Trusts (UITs) and Failure to Supervise

Carmel, Milazzo & DiChiara LLP (CMD) is investigating potential claims against securities broker Lance J. Ziesemer (CRD# 2342087) and Feltl & Company for recommending unsuitable UITs and for failure to supervise.

In May, Lance J. Ziesemer submitted an Acceptance, Waiver & Consent (AWC) in which he was assessed a deferred fine of $7,500, suspended from association with any FINRA member in any capacity for three months and ordered to pay deferred disgorgement of commissions received in the amount of $38,889, plus interest.  Without admitting or denying the findings, Ziesemer consented to the sanctions and to the entry of findings that he implemented a trading strategy and made unsuitable recommendations to customers to switch from UITs to other UITs after holding the investments for a short time period.  The findings stated that Feltl & Company’s procedures in place at the time required him to obtain a switch letter signed by the customer before selling any UIT and purchasing another UIT that carried a sales charge.  Although all of the customers’ short-term UIT trades fell into this category, Ziesemer failed to obtain switch letters for any of them. These short-term UIT transactions resulted in approximately $160,000 in combined net losses for the customers. In addition, the customers paid total commissions of $64,815 on these transactions, of which Ziesemer received $38,889.

If you or someone you know lost money investing with Lance J. Ziesemer and/or Feltl & Company, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.