Joel Carlson Sentenced for Customer Fund Theft
Joel William Carlson of Vadnais Heeights, MN, Sentenced to Prison for Tax Fraud, Misappropriating $1.5 Million from Clients
Joel William Carlson, 43, and a Vadnais Heights, MN investment advisor Investment adviser has been sentenced to prison after perpetrating a $1.5M fraud against clients, according to reports from the Minnesota’s U.S. Attorney’s Office. Carlson also pleaded guilty in September to two counts of tax evasion.
According to his guilty plea and documents filed in court, Carlson reportedly acted as an investment advisor during 2010 and 2011, and deposited client investments, as well as additional funds belonging to his father, into a Trust Financial Group account, which was actually Carlson’s personal bank account, according to court reports from Minnesota.
Joel William Carlson Misappropriated Funds from His Own Father, Agreed to Pay $1,239,735.35 in Restitution to the IRS
Instead of investing the funds, Carlson spent the money on personal items and, when confronted, lied to his clients about the existence of their investments, said reports further allege. In addition to intentionally misappropriating both client assets and his father’s assets, totaling more than $1.5 million, the reports note, Carlson failed to file personal income tax returns for tax years 2010 and 2011.
Furthermore, in addition to paying restitution to the investment fraud victims and his father, Carlson agreed to pay $1,239,735.35 in restitution to the IRS.
The Peiffer Wolf Investment Rights Lawyers Often Represent Investors
The Peiffer Wolf investment rights lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investment rights lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.