Tomas Juhan Velken, of Lafayette, California, a stockbroker currently registered with Sigma Financial Corporation, has been named in a customer initiated investment related arbitration claim on June 6, 2016, in which the customer requested $1,600,000.00 in damages based upon allegations that Velken failed to reasonably conduct diligence concerning tenant in common investments which the customer purchased and sustained losses from. The customer additionally alleged that Sigma Financial Corporation failed to supervise Velken’s activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Velken has been identified in fourteen additional customer initiated investment related disputes containing allegations of Velken’s misconduct while employed with Sigma Financial Corporation. Specifically, on April 6, 2012, a customer initiated investment related arbitration claim involving Velken’s conduct was settled for $225,000.00 in damages based upon allegations that Velken made misrepresentations to the customer, and failed to conduct due diligence in an adequate manner concerning tenant in common (TIC) investments.
Subsequently, on October 15, 2012, a customer initiated investment related arbitration claim regarding Velken’s activities was resolved for $252,500.00 in damages based upon allegations that Velken negligently handled the customer’s investment portfolio, made misrepresentations and regarding TIC investments, and breached his fiduciary duties to the customer. On December 10, 2012, two customer initiated investment related arbitration claims involving Velken’s conduct were settled for a total of $207,719.92 in damages based upon allegations that Velken defrauded the customers.
Additionally, on August 22, 2013, a customer initiated investment related written complaint regarding Velken’s activities was resolved for $165,000.00 in damages based upon allegations that Velken effected unsuitable transactions in the customer’s account and made misrepresentations to the customer regarding three TIC investments. On May 18, 2015, another customer initiated investment related arbitration claim involving Velken’s conduct was settled for $100,000.00 in damages based upon allegations that Velken committed fraud.
Further, on September 16, 2014, a customer filed an investment related arbitration claim regarding Velken’s activities in which the customer requested $690,000.00 in damages based upon allegations that Velken did not reasonably conduct due diligence on TIC investments, breached his contractual duties, and negligently handled the customer’s account. On December 29, 2014, a customer filed an investment related arbitration claim concerning Velken’s actions in which the customer requested $1,340,000.00 in damages based upon allegations that Velken committed fraud pertaining to real estate security investments.
On March 25, 2015, another customer filed an investment related arbitration claim involving Velken’s conduct, in which the customer requested $592,600.00 in damages based upon allegations that Velken made misrepresentations to the customer pertaining to investment performance. Additionally, on February 10, 2016, a customer initiated investment related arbitration claim involving Velken’s activities was settled for $87,500.00 in damages based upon allegations that Velken made fraudulent misrepresentations to the customer.
Moreover, on June 27, 2016, two additional customer initiated investment related arbitration claims regarding Velken’s activities were resolved for a total of $65,000.00 in damages based upon allegations including fraud, misrepresentation, negligence, failure to conduct due diligence, and breach of fiduciary duty. Finally, on January 16, 2017, a customer initiated investment related arbitration claim involving Velken’s conduct was settled for $175,000.00 in damages based upon allegations that Velken negligently managed the customer’s investments, and ultimately defrauded the customer pertaining to TIC investments.
Guiliano Law Group
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