According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Stephen Landa, a former registered broker with Invest Financial Corporation, was accused of employing a short-term mutual fund trading strategy in the accounts of customers who were elderly and retired. Both customers had conservative investment objectives and moderate risk tolerances. Mr. Landa allegedly recommended that the clients purchase the mutual fund shares, and then recommended that they sell them shortly after. He did not have a reasonable basis for believing that these transactions were suitable for the clients, based on their ages, investment objectives, portfolios and net worth. Landa recommended that the clients hold the mutual fund shares for less than six months, and these included front-end sales loads. The customers subsequently lost over $18,000 of their investment. For this, Landa was fined $5,000 and suspended from the industry for two months.
According to FINRA public records, Stephen Landa was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from November 1991 until September 2000, American Express in Minneapolis from November 1991 until September 2000, Royal Alliance Associates in Jersey City, New Jersey from August 2000 until May 2004, Sig Securities in Dallas, Texas from December 2004 until March 2005, Greenwich Global in Wilton, Connecticut from May 2004 until March 2005 and Invest Financial Corp in Easton, Connecticut from March 2005 until August 2015. He has two customer disputes against him and is currently not registered.
If you would like to speak to one of our attorneys about your investment losses with Stephen Landa, please call our Chicago and Barrington, Illinois-based law offices at 312-332-4200. Your consultation is free with no obligation. We may be able to help you bring a claim against Invest Financial Corp for not properly supervising Mr. Landa. We take cases on a contingency fee basis, so we only make money if we recover your investment losses for you.
Disclaimer
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.
