Randy T. Carpen of Saint Louis, Missouri, a stockbroker formerly registered with Vestech Securities, Inc. is referenced in a Financial Regulatory Industry Authority (FINRA) investigation concerning Carpen’s possible unsuitable trading in a customer’s account. FINRA Examination No. 20170526986 (May 10, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Carpen is referenced in six more customer initiated investment related disputes pertaining to allegations of Carpen’s violative conduct during the period that he was employed by Vestech Securities, Inc., EKN Financial Services, Inc. (expelled by FINRA on October 12, 2012), Jesup & Lamont Securities Corp. (expelled by FINRA on November 4, 2010) and First Liberty Investment Group.
In twenty years, Carpen was associated with nineteen brokerage firms, twelve of which have been closed by regulators or are otherwise defunct.
Specifically, Carpen was subject of a customer initiated investment related arbitration claim in which he was ordered to pay a customer $50,000.00 in compensatory damages based upon being found liable for effecting unsuitable trades in the customer’s account, fraudulently misrepresenting investments, and churning the customer’s investment portfolio. National Association of Securities Dealers (NASD) Arbitration No. 01-02206 (June 12, 2002). The customer’s accusations pertain to speculative and risky securities having been traded in the customer’s account on a short-term basis.
On March 3, 2010, a customer filed an investment related claim regarding Carpen’s conduct where the customer requested $60,000.00 in damages supported by allegations of the failure to abide by the customer’s investment instructions pertaining to over-the-counter equities. Then, on June 15, 2010, a customer filed an investment related complaint involving Carpen’s activities in which the customer sought $50,000.00 in damages founded on accusations that margin was utilized excessively to effect stock trades in the customer’s investment portfolio.
On August 14, 2012, another customer filed an investment related claim concerning Carpen’s conduct where the customer requested $116,845.00 in damages based upon allegations that equity trades were effected without the customer’s permission, and margin was utilized contrary to the customer’s investment instructions. On November 28, 2017, a customer filed an investment related written complaint regarding Carpen’s activities in which the customer sought $67,496.25 in damages supported by accusations that between September of 2017 and November of 2018, Carpen failed to apprise the customer about investment costs and executed unsuitable investment purchases.
Carpen’s registration with Vestech Securities, Inc. has been terminated as of May 10, 2018.
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