Francis Joseph Velten Jr. (CRD #2291911, Treasure Island, Florida)

March 31, 2022 – Velten was named a respondent in a FINRA complaint alleging that he failed to respond in any way to FINRA’s requests for information in connection with its investigation into an allegation that he churned and flipped his elderly customers’ accounts at his member firm, encouraging them to surrender their annuities and sell mutual fund holdings away from the firm and use the proceeds to purchase bonus annuities. The complaint alleges that the customers incurred significant surrender charges while Velten pocketed the commissions. (FINRA Case #2020066032801)