WARNING! Investigation of SVEN KARLEN–Lebanon, New Hampshire
INVESTOR WARNING! Sven Karlen from Lebanon, New Hampshire
Have you lost money with financial advisor Sven Karlen of Lebanon, New Hampshire? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Sven J. Karlen, Jr. FINRA suspended Karlen for six months regarding allegations that he exercised discretionary power in 21 customer accounts without prior written authorization.
According to FINRA’s allegations, Sven Karlen effected approximately discretionary transactions (selling or purchasing securities without the client’s prior permission) between 2008 and January 2015. His brokerage firm, Wells Fargo Advisors, requires that brokers obtain prior written authorization to execute trades on a discretionary basis, and Karlen failed to do so. To settle these allegations, Karlen agreed to pay a $15,000 fine and agreed to a six-month suspension.
Sven Karlen was a financial advisor and registered representative of Wells Fargo Advisors from May 2009 to February 2015. He worked at a branch office in Lebanon, New Hampshire. According to FINRA’s Brokercheck, Karlen is also affiliated with Comstock Partners and Grandview Partners. Karlen was terminated by Wells Fargo for the discretionary trading, as well as forwarding information about a private investment to firm customers.
Brokerage firms like Wells Fargo Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Chicago; Denver; and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New Hampshire. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Wells Fargo Advisors.
Click to view: Karlen, Sven FINRA AWC
Click to view: Karlen, Sven BrokerCheck 11.23.16
HAVE YOU LOST MONEY WITH SVEN KARLEN OR WELLS FARGO ADVISORS?
Aaron Israels: (720) 599-3505
David Neuman: (206) 795-5798
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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