FINRA Arbitration Panel Issues Award Against Joel Carlson

A FINRA arbitration panel recently issued an award against Joel Carlson for over $200,000, including over $100,000 in punitive damages.  According to the complaint, Carlson stole over $100,000 from his client’s account and concealed it for a period of time by creating false documents indicating that the client had money invested in securities which didn’t exist, as well as falsifying the values of other securities in the account. 

Carlson was a registered representative for Sagepoint Financial, Inc. from 2005 until 2012, when he was permanently barred from the securities industry.  During that period of time, at least 7 different customers, including the one discussed above, have alleged that Carlson stole money from their accounts.  Carlson also has a criminal record for receiving and concealing stolen property from 1996.  All told, these customers have alleged that Carlson stole more than $500,000 from these clients. 

FINRA permanently barred Carlson from the industry in 2012 based on a finding that Carlson convinced nine of his elderly clients to invest over $750,000 with him into companies that did not exist.  Instead, Carlson deposited the checks into accounts that he controlled and stole the money for his own use.  It is not clear through the publicly available documents whether these individuals are the same ones who have filed the lawsuits and complains described above, or in addition to those.  Either way, this is incredibly egregious conduct which apparently went on for a substantial amount of time.

Typically, when an investment “professional” becomes involved in outright theft, there are a number of other problems beneath the surface.  It is likely that other clients of Carlson may have been treated improperly, either by having funds stolen or any number of other potential securities law violations.  
If you have suffered losses from investments you made with Joel Carlson or Sagepoint Financial, contact the offices of Shepherd, Smith, Edwards, & Kantas LLP for a free, no obligation consultation.  You may have a right to seek to recover some or all of your losses in court or arbitration.

Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.
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