Joel Carlson Sentenced for Customer Fund Theft

investor rights attorneyJoel 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 Rosca Wolf Investment Rights Lawyers Often Represent Investors

The Peiffer Rosca 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1160 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.