Timothy Thelen Named in Dispute Alleging Elder Abuse

Timothy Thelen (CRD #: 1924966), a broker registered with American Trust Investment Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on June 13, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

On May 11, 2023, an investor named Timothy Thelen in a dispute alleging elder abuse, failure to conduct due diligence, misrepresentation, breach of contract, failure to supervise, and negligence.

The client further alleged violations of FINRA rules, securities law, and Regulation Best Interest. They seek $1 million in damages in this pending dispute.

In a dispute filed on October 21, 2019, multiple investors alleged that Timothy Thelen engaged in negligence from approximately 2016 to March 2018 with regard to private placements purchased by the clients. The investors sought $620,000 in damages and received a settlement of $150,000.

FINRA Rule 2165

FINRA Rule 2165 prohibits the financial exploitation of elderly clients and clients with certain mental or physical impairments.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes characteristics such as their age, risk tolerance, and tax status.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision over their employees in order to detect and prevent violations of securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

What qualifies as broker negligence?

Many types of broker misconduct may qualify as negligence, including recommending unsuitable investments, failing to supervise other brokers, or executing unauthorized trades.

Investors who have lost money through broker negligence may be able to recover their funds by seeking out FINRA arbitration.

Civil Lien

On February 11, 2016, Timothy Thelen was subject to a $305,766 civil lien.

Background Information

Timothy Thelen has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 82TO – Limited Representative-Private Securities Offerings
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

Timothy Thelen is a registered broker in California.

He has also worked for the following firms:

• Aeon Capital (CRD#:164004)
• Accelerated Capital Group (CRD#:41270)
• Next Financial Group (CRD#:46214)
• Berthel, Fisher & Company Financial Services (CRD#:13609)
• Offerman & Company (CRD#:345)
• Austin Stone Securities (CRD#:10634)

Kurta Law Can Help

If you worked with Timothy Thelen 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.