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Frank Velten Subject of FINRA Complaint

May 9, 2022 Regulatory Action

Frank Velten (CRD #: 2291911), a former broker, is under investigation by FINRA, according to his BrokerCheck record, accessed on May 2, 2022. Keep reading if you want to learn more about Frank Velten’s conduct as a broker.

FINRA Complaint and Investigation

On March 31, 2022, FINRA filed a regulatory complaint against Frank Velten alleging he failed to respond to testimony in connection with an investigation into allegations he engaged in excessive trading in elderly clients’ accounts.

More specifically, the investigation concerned allegations that Frank Velten encouraged clients to surrender their annuities, sell their mutual fund holdings away from Summit Brokerage, and use those profits to purchase bonus annuities. This allegedly caused his elderly clients to incur surrender fees while generating commissions for Frank Velten.

FINRA Rules 8210 and 2010

FINRA Rule 8210 requires that brokers respond to requests for testimony. It also requires firms to provide relevant books and records in compliance with FINRA investigations.

Violations of many other rules are automatic violations of Rule 2010, which requires brokers to maintain high standards of professional conduct and ethical behavior.

Sanctions

Because this regulatory action is pending, Frank Velten has not yet faced any sanctions associated with these regulatory actions.

You can read the full FINRA complaint here.

Investor Disputes 

There are four settled investor disputes on Frank Velten’s records that collectively settled for $113,900. 

Background Information

Frank Velten has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 8 - General Securities Sales Supervisor Examination (Options Module & General Module)

Previously, he worked for the following firms:

  • Ameriprise Financial Services (CRD#:6363)
  • Independent Financial Group (CRD#:7717)
  • Summit Brokerage Services (CRD#:34643)
  • Gunnallen Financial (CRD#:17609)
  • A. G. Edwards & Sons (CRD#:4)

Kurta Law Can Help

If you worked with Frank Velten and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.