Investor Alleges Raymond Thielen Transferred Variable Annuity Contract Without Consent

Raymond Thielen (CRD #: 444856), a broker registered with Allstate Financial Services, is the subject of a pending dispute, according to his BrokerCheck record, accessed on August 28, 2022. If you want to know more about his conduct as a broker, keep reading.

Investor Dispute

On June 28, 2022, an investor alleged that Raymond Thielen transferred a variable annuity contract issued by Prudential Financial to a mutual fund account without the client’s consent, and that the mutual fund account was too aggressive for the client. This dispute was denied by the firm.

However, investors should know that firms don’t need to permit an external review before denying a dispute. Investors can still pursue FINRA arbitration following a denial and potentially recover their funds.

FINRA Rule 3260

FINRA Rule 3260 restricts brokers from exercising discretionary power outside discretionary accounts authorized in advance by the client and firm.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ financial goals into account when making investment recommendations. Brokers must consult an investor’s profile, which describes their tax status, risk tolerance, and overall financial situation.

Investors who rely on brokers for investment recommendations may be able to recover their losses through FINRA arbitration.

Background Information

Raymond Thielen 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 6 – Investment Company Products/Variable Contracts Representative Examination

Kurta Law Can Help

If you worked with Raymond Thielen 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.