Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 20, 2017 indicate that former Connecticut-based Invest Financial Corporation broker/adviser Stephen Landa has been sanctioned by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Landa (CRD# 2172148).
Stephen Landa has spent 23 years in the securities industry and was most recently registered with Invest Financial Corporation in Easton, Connecticut (2005-2015). Previous registrations include Greenwich Global in Wilton, Connecticut; SIG Securities in Dallas, Texas; Royal Alliance Associates in Jersey City, New Jersey; American Express Financial Advisors in Minneapolis, Minnesota; and IDS Life Insurance Company in Minneapolis, Minnesota. He is currently not registered with any state or firm.
According to his BrokerCheck report, Stephen Landa has received two customer complaints and one FINRA sanction.
In May 2017 FINRA sanctioned him following allegations he “employed an unsuitable short-term mutual fund trading strategy in the individual account of a customer and the joint account of the customer and another customer.” FINRA’s findings state further: “at the time, the customers were both 60 years of age or older, retired, and living on fixed incomes. Also, both of them had conservative investment objectives and moderate risk tolerances. Nevertheless, on occasions, Landa recommended that the customers purchase mutual fund shares and then, shortly thereafter, recommended that they sell the shares. Landa did not have a reasonable basis for believing that such transactions were suitable. Even though mutual funds are intended as longer-term investments, Landa recommended that the customers sell the mutual fund shares after an average holding period of fewer than six months. Also, all of these transactions involved Class A mutual fund shares, which included front-end sales loads. As a result of these transactions, the customers suffered collective losses of approximately $18,156.53.” He was ordered to pay a fine of $5,000 and restitution totaling $18,156.53, and was issued a 2-month suspension which will commence on June 5, 2017.
In 2015 he voluntarily resigned from his position at Invest Financial Corporation while his clients’ accounts were under review “for possible violations concerning mutual funds.”
In 2012 a customer filed a complaint against Invest Financial, where Stephen Landa served as principal, alleging a breach of fiduciary duty, fraud, and misrepresentation of material facts. The complaint settled for $200,000.
If you or someone you know has lost money investing with Stephen Landa, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.