Carson Wegman: LLM Advisor Faces $1mm Suitability Complaint

Boulder, Colorado financial advisor Carson Wegman (CRD# 226941) recently received an investor complaint alleging his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LLM Financial Services, doing business as C. Wegman Advisory.

Mr. Wegman’s BrokerCheck report discloses one investor complaint. Filed in June 2025, it alleges that as a representative of LLM Financial Services, he misrepresented and recommended an unsuitable investment in a non-traded real estate investment trust. The pending complaint alleges damages of $1 million.

A real estate investment trust, or REIT, is an investment vehicle that uses pooled funds from a group of investors to buy and operate real estate properties. REITs may be can be publicly traded or privately held. While they have the benefit of giving investors access to real estate investments—and the promise of steady income streams from them—non-traded REITs may be particularly risky for short-term investors and even long-term investors. Publicly traded REITs, which are generally traded on major stock exchanges, are often associated with liquidity and stable cash flows, but they are also affected by the ebb and flow of the markets, and like their non-traded counterparts, they may come with high fees. As Investopedia notes, REITs also have fairly low capital appreciation.

Under FINRA Rule 2111, brokers may recommend only investments or strategies that are suitable for their clients. To ascertain whether an investment or strategy is suitable for the client, they must conduct reasonable diligence into the client’s investment profile, which includes their age, risk tolerance, investment objectives and experience, and other factors. They must conduct reasonable diligence to determine whether the investment is suitable for some investors, whether it is suitable for the specific investor, and, in cases where the advisor exercises discretion over trading in a customer’s account, they must conduct reasonable diligence to determine that a series of transactions is not unsuitable or excessive.

Investors should be aware that brokers like Mr. Wegman are forbidden by securities industry rules and standard from misrepresenting material facts in connection with their investment recommendations. FINRA Rule 2020 specifically states that that no registered representative shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” For reference, material facts are pieces of information that could be considered essential to an investor’s decision regarding a product or strategy—for instance, an investor’s risk level or its liquidity. Brokers who misrepresent investments may be liable in the event of losses and/or subject to disciplinary action.

According to the Financial Industry Regulatory Authority, Carson Wegman holds 10 years of securities industry experience. Based in Boulder, Colorado, he has been a broker and an investment advisor with LLM Financial Advisors since 2016, doing business as C. Wegman Advisory. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He currently holds 42 state licenses. (Information current as of August 10, 2026.)