Lance Ziesemer Allegedly Institutes A Highly Unnecessary Short-Term UIT Trading Strategy

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Lance Ziesemer. According to his publicly available FINRA BrokerCheck report, Lance Ziesemer has been the subject of multiple customer disputes.

Lance Ziesemer was a Minnesota based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Westonka Investments (1993)


• H&R Block Financial Advisors (1993-2001)


• Wachovia Securities (2001-2007)


• Feltl & Company (2007-2016)

The Allegations

• In January 2013, a customer alleged that Lance Ziesemer recommended unsuitable investments and excessively traded their account. This case was settled for $50,000 in damages.


• In June 2013, an attorney, on behalf of a customer, alleged that Lance Ziesemer executed unsuitable transactions, engaged in unauthorized trading, and made material misrepresentations. This case was settled for $150,000 in damages.


• In April 2016, a customer alleged alleged that Lance Ziesemer placed them in unsuitable investments. This case is currently pending. The customer is seeking $143,725 in damages.


• Lance Ziesemer was officially sanctioned by FINRA in May 2016. The findings in this matter state that he recommended a highly unsuitable trading strategy to multiple customers that involved the excessive switching of unit investment trusts. Due to these allegations, Lance Ziesemer was fined $7,500, forced to pay $38,889 in disgorgement, and suspended from acting as a securities broker in any fashion for a period of three months.


• In June 2016, a customer alleged that Lance Ziesemer executed unsuitable transactions, executed unauthorized trades, excessively traded their account, and made fraudulent misstatements to conceal losses. This case was settled for $340,000 in damages.


• In October 2016, a customer alleged that Lance Ziesemer engaged in unsuitable, unauthorized, and excessive trading concerning mainly short-term UIT trading, but also the trading of other equities. This case was settled fro $56,000 in damages.


• Also in October 2016, a customer alleged that Lance Ziesemer engaged in unauthorized trading, executed unsuitable trades, and committed fraud. This case was settled for $57,500 in damages.


• In April 2017, a customer alleged that Lance Ziesemer engaged in unauthorized trading, executed unsuitable trades, committed fraud, handled their account negligently, made negligent misrepresentations, and breached contract. This case was settled for $68,000 in damages.


• In November 2017, a customer alleged that Lance Ziesemer placed them in unsuitable investments, excessively traded their account, breached his fiduciary duty, and handled their account negligently. This case was settled for $32,000 in damages.


• In April 2018, a customer alleged that Lance Ziesemer excessively traded their account, charged them excessive commissions, and placed them in unsuitable investments most likely in connection with UIT trading. This case was settled for $125,000 in damages.


• In August 2018, a customer alleged that Lance Ziesemer violated FINRA rules, handled their account negligently, engaged in gross negligence, made negligent misrepresentations/omissions, breached the duty of good faith and fair dealing, breached contract, breached his fiduciary duty, committed fraud and violated Minnesota statutes. This case went to arbitration where the customer was awarded $37,309 in damages.

Unit Investment Trusts

Unit investment trusts are securities that encompass a wide portfolio of securities sold as individual units. They are similar to mutual funds in that regard. However, unlike mutual funds, UITs are designed to be held onto for a longer period of time in order for them to mature. Excessive UIT switching, like what Ziesemer was allegedly recommending, prevents these UITs from maturing and prevents investors from seeing desired returns. Each new transaction also causes the investor to incur more sales charges that cause their principal investment to deteriorate. These charges are completely unnecessary because these switches serve no actual benefit to investors. This short term UIT trading strategy is highly unnecessary and unsuitable and is designed to line the pockets of the securities broker due to the commissions that it racks up for them.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. We work on a contingency basis which means there are no fees charged unless we collect for you. If you, or someone you know, have lost money investing with Lance Ziesemer, please contact Oakes & Fosher for a free and private consultation.