TAG | broker theft of retirees
Comments off · Posted by Securities Lawyer in FINRA
Joel William Carlson (CRD #2844760, Registered Representative, Vadnais Heights, Minnesota)
was barred from association with any FINRA member in any capacity. Carlson consented to the described sanction and to the entry of findings that he solicited his member firm’s customers to give him a total of at least $734,000, fraudulently misrepresenting to the customers that he would invest their money safely in securities, but used the money for his own personal use.
The customers gave Carlson personal checks made payable to an entity that he controlled and deposited the customers’ checks in a bank account he controlled in the name of the entity. Carlson has not re-paid the customers their moneywith the exception of one customer.
FINRA’s findings also stated that the clients who gave Carlson money, were between 68 and 90 years old; all but one of the investors were retired.
(FINRA Case #2012031202901)
This information appeared on FINRA’s website under, “Disciplinary and Other Actions, June, 2012″
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