Steven Carlsen Allegedly Recommended Unsuitable Variable Annuities

Steven Carlsen (CRD #: 1564327), a broker registered with LPL Financial, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on September 2, 2022. If you want to know more about his conduct as a broker, read on.

Investor Dispute

In a dispute filed on June 22, 2022, an investor alleged that Steven Carlsen acted “recklessly and carelessly” by recommending and selling unsuitable variable annuities which came with unnecessary levels of risk and concentration, and later failed to remind the client of certain “material attributes” that could have prevented a costly liquidation of these annuities. This dispute is currently pending.

Variable annuities are complex investments that often do not work in an investor’s best interests. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when making investment recommendations. An investor’s profile contains information such as their age, risk tolerance, and other investments.

Investors who rely on brokers for investment recommendations can seek out FINRA arbitration and potentially recover their losses.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of fraudulent tactics, like deception or manipulation, in relation to the purchase and sale of securities. This includes the omission of information, such as an investment’s limitations, requirements, or potential risks.

Background Information

Steven Carlsen has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Steven Carlsen is a registered broker in 29 states and a registered investment adviser in California and Texas.

He has also worked for the following firms:

• Wells Fargo Clearing Services (CRD#:19616)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• Kemper Securities Group (CRD#:19616)
• Bateman Eichler, Hill Richards (CRD#:76)

Kurta Law Can Help

If you worked with Steven Carlsen 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.