Randy T. Carpen of Saint Louis Missouri a stockbroker formerly employed by Vestech Securities Inc. and Freedom Investors Corp. is referenced in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on allegations that (1) trades were executed on an excessive basis (2) transactions lacked authorization and (2) stocks and direct participation programs or limited partnership interests sold to the customer were unsuitable and resulted in unwarranted losses. FINRA Arbitration No. 19-00959 (Apr. 12, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Carpen has been identified in five more customer initiated investment related disputes containing accusations of the stockbroker’s violative conduct when he was associated with securities broker dealers including Jesup Lamont Securities Corp, EKN Financial Services Inc. and First Liberty Investment Group. In fact, Carpen was named in a customer initiated investment related arbitration claim in which Carpen and First Liberty Investment Group were declared jointly responsible for paying the customer $50,000.00 in compensatory damages based upon the stockbroker and First Liberty Investment Group being found liable on the customer’s claims which included that false or misleading statements had been made regarding investments; securities trades were inappropriate and unsuitable; and the customer’s investment account was churned.
Another customer filed an investment related complaint involving Carpen’s behavior where the customer requested $60,000.00 in damages based upon allegations that the customer’s instructions were ignored as it pertained to over-the-counter equities investments. Carpen is also the subject of a customer initiated investment related complaint in which the customer sought $50,000.00 in damages supported by accusations of margin being excessively utilized to effect stock transactions.
Another customer filed an investment related complaint concerning Carpen’s conduct where the customer requested $116,845.00 in damages founded on allegations of trades being executed without the customer’s permission; and margin having been misused by Carpen. The stockbroker is referenced in an additional customer initiated investment related complaint on November 28, 2017 in which the customer sought $67,496.25 in damages based upon accusations of nondisclosures or misrepresentations from Carpen between September of 2017 and November 2018 in regard to investment costs; and margin based transactions which failed to align with the customer’s tolerance for risk.
FINRA Public Disclosure confirms that on May 10, 2018, Carpen was subject of a FINRA investigation which concluded with the regulator finding that Carpen effected bad investment transactions for a customer’s account.
Carpen’s employment with Vestech Securities Inc. has been terminated as of May 10, 2018. The stockbroker has been employed by at least twelve different securities broker dealers who are either defunct or have been expelled by regulators for violation of federal securities laws.
