{"id":28450,"date":"2022-08-05T09:00:46","date_gmt":"2022-08-05T14:00:46","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=28450"},"modified":"2022-08-02T08:25:10","modified_gmt":"2022-08-02T13:25:10","slug":"broker-francis-velten-barred","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/broker-francis-velten-barred\/","title":{"rendered":"Ex-Summit Brokerage Services Financial Advisor Francis Velten Barred Following Churning Allegations in Elderly Customers\u2019 Accounts"},"content":{"rendered":"

Former New Port Richey, FL broker is also accused of selling away<\/span><\/h2>\n

Francis Joseph Velten, most recently an <\/span>Ameriprise Financial Services <\/span><\/a>broker, is now barred by the Financial Industry Regulatory Authority (FINRA). He\u2019s accused of <\/span>churning<\/span><\/a> in older investors’ accounts and encouraging them to surrender their annuities and mutual fund holdings to buy bonus annuities. This caused them to pay surrender fees while he earned commissions from the transactions.\u00a0\u00a0<\/span><\/p>\n

Churning, which involves excessively trading in customer accounts, is one of the ways many brokers will try to earn additional money through resulting commissions and fees. Unfortunately, this can cause investors substantial losses, especially if done in excess.\u00a0<\/span><\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Former New Port Richey, FL broker is also accused of selling away Francis Joseph Velten, most recently an Ameriprise Financial Services broker, is now barred by the Financial Industry Regulatory Authority (FINRA). He\u2019s accused of churning in older investors’ accounts and encouraging them to surrender their annuities and mutual fund holdings to buy bonus annuities. […]<\/p>\n","protected":false},"author":2,"featured_media":28451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3775,3762],"tags":[2659,4755,3778],"class_list":["post-28450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-churning","category-current-investigations","tag-churning","tag-francis-velten","tag-summit-brokerage-services"],"yoast_head":"\nEx-Summit Brokerage Services Broker Francis Velten Barred<\/title>\n<meta name=\"description\" content=\"Francis Velten, an ex-Summit Brokerage Services financial advisor, was barred following churning allegations. 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