Thomas Carstens Allegedly Made Unsuitable Investment Recommendations

Thomas Carstens (CRD #: 2141430), a broker registered with First Liberties Financial, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on August 28, 2022. Investors may have also engaged his services through Pelion Investment Advisors. If you have questions about his conduct as a broker, read on.

Investor Disputes

On June 26, 2022, an investor alleged that Thomas Carstens recommended and sold an unsuitable DPP investment This dispute was denied by the firm.

However, investors should be aware that firms can deny disputes without an outside review. Investors may be able to recover their losses by pursuing FINRA arbitration following a denial.

Direct Private Placements (DPP) are private placements that allow investors to invest in private companies. These investments always come with significant risk. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to determine whether an investment suits their client’s financial goals. Brokers must consider the information contained in the investor’s profile, including their risk tolerance, age, and tax status.

Investors who rely on their broker for recommendations may be able to recover their funds by seeking out FINRA arbitration.

Background Information

Thomas Carstens has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 22 – Direct Participation Programs Representative Examination
• Series 52 – Municipal Securities Representative Examination
• Series 62 – Corporate Securities Limited Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 26 – Investment Company Products/Variable Contracts Principal Examination

Thomas Carstens is a registered broker in 11 states and a registered investment adviser in Connecticut, New York, Texas, and Wisconsin.

He has also worked for MML Investors Services (CRD#:10409) and Lenox Advisors (CRD#:119386).

Kurta Law Can Help

If you worked with Thomas Carstens 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.