FINRA Sanctions Francis Velten

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Francis Joseph Velten Jr. (also known as Frank Velten) (CRD: 2291911, New Port Richey, Florida). Not only has FINRA sanctioned Velten for failing to comply with a FINRA investigation into possible violations of FINRA rules, but investors disputed his sales practices. However, Velten denies the allegations. Read on to learn more about the allegations against Velten.

FINRA Sanctions Velten For Failure To Provide Information

Particularly, FINRA issued Case: 2020066032801 on August 16, 2022, sanctioning Francis Velten for infractions. Allegedly, Velten did not provide documents and information to FINRA during its investigation into possible violations of FINRA rules relating to him possibly churning and flipping senior investors’ accounts at Summit Brokerage Inc. Also, the investigation concerned Velten possibly steering clients towards selling their annuities and mutual funds to invest in bonus annuities offered away from the firm. Therefore, Velten was barred. Notably, this means that he cannot associate with FINRA-member entities as a securities broker or in other capacities.

Summit Brokerage Services Inc. Investor Accuses Francis Velten Of Unsuitable Recommendations

Specifically, a Summit Brokerage Services Inc. client filed a complaint about Francis Velten Namely, the client alleged that Velten made unsuitable recommendations. Because of this, the client allegedly sustained damages on unit investment trusts. Therefore, on February 15, 2017, Summit Brokerage Services Inc. settled this matter by paying the client $14,900 in damages.

Velten Discloses Unsuitable Advice Allegations By Summit Brokerage Services Inc. Client

Also, a client of Summit Brokerage Services Inc. contested Francis Velten’s sales practices by filing FINRA Arbitration: 15-00560. Allegedly, Velten gave unsuitable advice. It appears that Velten possibly caused the client to sustain damages on variable annuities. Therefore, Summit Brokerage Services Inc. opted to settle the matter on February 4, 2016, by compensating the client in the amount of $10,000.

Summit Brokerage Services Inc. Investor Takes Aim At Francis Velten

Specifically, a Summit Brokerage Services Inc. client filed FINRA Arbitration: 13-00813 about Francis Velten Namely, the client allegedly sustained losses on guaranteed income and death benefits via variable annuity exchanges. Therefore, on March 24, 2014, Summit Brokerage Services Inc. settled this matter by paying the client $65,000 in damages.

Velten Discloses Unsuitable Recommendations Allegations By A. G. Edwards Sons Inc. Client

Also, a client of A. G. Edwards Sons Inc. contested Francis Velten’s sales practices, according to a complaint. Allegedly, Velten made unsuitable recommendations. Supposedly, Velten possibly caused the client to sustain damages on mutual funds. Therefore, A. G. Edwards Sons Inc. opted to settle the matter on February 10, 2003, by compensating the client in the amount of $24,000.

Recent Employment Information

• Velten stopped working for Summit Brokerage Services Inc. on August 7, 2018.

Damages Resulting From Summit Brokerage Services Inc. Securities Broker Francis Velten?

Have you experienced damages because of Francis Velten? If so, contact Soreide Law Group at (888) 760-6552 and talk with an investment lawyer about a potential recovery of your investment losses. Soreide Law Group, who has effectively recovered losses for investors across the United States, represents clients on a contingency fee basis and advances all costs. Velten and brokerage firms Velten worked for deny all allegations of sales practice violations.