Randy T. Carpen (also known as Ramsey Carpen) of Saint Louis Missouri a stockbroker formerly registered with Vestech Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings he failed to comply with FINRA during an investigation into allegations of his excessive trading. Letter of Acceptance Waiver and Consent No. 2017052698601 (Jan. 31, 2020).
According to the AWC, on January 15, 2020, Carpen received instructions from FINRA to provide information and documentation to the regulator in response to allegations that he effected excessive trades in the account of a customer of Vestech Securities and Freedom Investors. Carpen was expected to cooperate with FINRA’s request by submitting information no later than January 24, 2020. FINRA received a phone call from Carpen on January 17, 2020 wherein the stockbroker revealed that he received FINRA’s request but would not hand any documentation or information over in the investigation. The AWC indicated that nothing was provided by the stockbroker following this communication with FINRA. FINRA determined that Carpen’s failure to cooperate in the investigation constituted the violation of FINRA Rules 2010 and 8210.
FINRA Public Disclosure indicates that Carpen has been identified in six customer initiated investment related disputes pertaining to allegations of his misconduct during the period in which he was employed by First Liberty Investment Group, Jesup Lamont Securities Corp, EKN Financial Services Inc. and Vestech Securities Inc. Specifically, Carpen is the subject of a customer initiated investment related arbitration claim in which the customer settled for $50,000.00 in compensatory damages based upon Carpen and First Liberty Investment Group being found liable on the customer’s claims which included that the customer’s account had been churned, misleading statements were made by the stockbroker about terms and conditions of investments, and the customer had been defrauded as a result of the stockbroker’s activities.
Another customer filed an investment related complaint concerning Carpen’s activities where the customer sought $60,000.00 in damages founded on accusations that during the time that Carpen was employed by Jesup Lamont, the customer’s investment instructions were not complied with as it pertained to over the counter equities. Also, Carpen has been identified in a customer initiated investment related written complaint where the customer requested $116,845.00 in damages based on allegations of unauthorized trading and margin use in the customer’s account by Carpen during the time that the stockbroker was employed by EKN Financial Services.
In addition, a customer filed an investment related complaint involving Carpen’s conduct in which the customer requested $67,496.25 in damages supported by accusations that between September of 2017 and November of 2018, during the time that Carpen was associated with Vestech Securities, omissions were made by the stockbroker in regard to investment costs, and securities transactions failed to align with the customer’s investment objectives or tolerance for risk and had generated unwarranted losses.
Carpen was registered with Vestech Securities between July 25, 2017 and May 10, 2018.
