Investor Sues Sigma For Failure To Supervise TIC Sales

Tomas Juhan Velken of Lafayette California a stockbroker currently employed by Sigma Financial Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $28,195.50 in damages supported by accusations that the customer was placed into tenant in common investments which had not been adequately investigated by Sigma Financial Corporation or supervised by the firm. FINRA Arbitration No. 16-01229 (Sept. 6, 2017).

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Velken is referenced in fourteen more customer initiated investment related disputes containing allegations of his misconduct during the time that he was employed by Sigma Financial Corporation. Particularly, a customer initiated investment related arbitration claim involving Velken’s activities settled for $87,500.00 in damages founded on accusations that the customer’s account was handled in a negligent manner; fiduciary duties owed to the customer had been breached; false or misleading statements were made about investments; and the customer had been defrauded on the tenant in common investments sold by Velken. FINRA Arbitration No. 14-03131 (Feb. 10, 2016).

Then, a customer initiated investment related arbitration claim regarding Velken’s conduct was resolved for $35,000.00 in damages based upon allegations of the breach of fiduciary duty; negligence; fraud; and misrepresentation pertaining to the customer’s tenant in common investments. FINRA Arbitration No. 14-03290 (June 27, 2016). That day, another customer initiated investment related arbitration claim concerning Velken’s activities was settled for $30,000.00 in damages supported by accusations of the failure to conduct due diligence on tenant in common investments selected for the customer; and false or misleading statements being made in regard to an investment program. FINRA Arbitration No. 15-02183 (June 27, 2016).

Subsequently, a customer initiated investment related arbitration claim involving Velken’s conduct was resolved for $175,000.00 in damages founded on allegations that the customer’s tenant in common investments had been executed in a negligent manner; fiduciary duties were breached; misrepresentations had been made about the terms, conditions or risks of the customer’s investments; and the customer was defrauded. FINRA Arbitration No. 15-00470 (Jan. 16, 2017).

Velken is also the subject of a customer initiated investment related arbitration claim which settled for $200,000.00 in damages based upon accusations that Velken falsified information concerning the performance of tenant in common investments purchased by the customer. FINRA Arbitration No. 15-00077 (Feb. 13, 2017). Another customer initiated investment related arbitration claim regarding Velken’s activities was resolved for $162,500.00 in damages supported by allegations of false or misleading statements being made to the customer concerning tenant in common and real estate securities; violations of fiduciary duties; and poor administration of the customer’s investment account causing the customer to incur unwarranted investment losses. FINRA Arbitration No. 14-03790 (May 22, 2017).

Velken has been registered with Sigma Financial Corporation since August 26, 2003.