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Joel William Carlson Barred for Fraudulent Investment Scheme

Attorney Advising Disclaimer

The Financial Industry Regulatory Authority (FINRA) barred broker Joel William Carlson for fraudulent conduct, including misrepresentation to customers, intentionally scheming to defraud investors, repeated untrue statements of material fact and misappropriation and conversion of customer funds for personal use.

FINRA Case #2012031202901

According to the findings, Carlson fraudulently solicited $734,000 from nine customers who had previously invested with the firm Carlson last associated with, Sagepoint Financial, Inc. FINRA found that between 2010 and 2012, Carlson was able to secure these funds from elderly investors by promising "safe" investment security options, though he never invested his customers' money. Instead, Carlson converted the funds for personal use, depositing the various personal checks to an account he controlled in the name of a fictitious entity.

From false promises of high rates of return to non-existent investment bonuses for transferring funds directly from Sagepoint to his business entity, Carlson defrauded investors by falsely representing investment options and encouraging clients to invest outside of the realm of bona fide firms and entities, maliciously enticing investors with prospects of higher profits if regulatory bodies and firms—such as FINRA or Sagepoint—were not privy to the investments.

In 2008, the Law Offices of Jonathan W. Evans & Associates successfully tried an arbitration case against broker Hitomi Tsuyuki, who had, in the words of the arbitration panel, "acted with the intent to defraud Claimants and in fact did defraud Claimants." The award totaled $371,438.01. Additionally, Tsuyuki was charged criminally with 200 felonies and a subsequent conviction produced an 18-year prison sentence for his actions.

One item of note for victims of such brokers: the brokerage firms routinely deny any responsibility for their brokers' misconduct away from the firm. However, all broker-dealers are required to reasonably supervise the activities of their brokers and may in many cases be held liable for failing to do so. We have been successful in several instances in resoliving claims against the brokerage firms for failing to supervise their brokers.

If you have invested with Joel William Carlson, Sagepoint Financial or believe a broker or firm has engaged in fraudulent practices that have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.