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Tim Thelen: $1mm GWG Complaint Against Ex-Aeon Capital Advisor
A recent investor complaint against San Clemente financial advisor Tim Thelen (CRD# 1924966) alleges that he engaged in elder abuse and other forms of misconduct in connection with GWG L bonds and other products. Records provided by the Financial Industry Regulatory Authority show that he is currently registered as a broker with American Trust Investment Services, having formerly been registered with Aeon Capital.
Mr. Thelen’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in February 2023, alleges that as a representative of Aeon Capital, he made misrepresentations of material facts, failed to conduct due diligence, breached contract, breached his fiduciary duty, failed in his supervisory duties, acted negligently, violated FINRA rules and securities law, committed elder abuse, and violated Regulation Best Interest in connection with investments in GWG L bonds, MRC Healthcare, US Energy, Pacini Hatfield Single Index Option Fund, and other products. The pending complaint alleges damages exceeding $1 million.
A second investor complaint, filed in 2019, alleged that as a representative of Accelerated Capital Group and Aeon Capital, he breached his fiduciary duty and acted negligently in connection with private placement investments. In 2021 the complaint reached a settlement of $150,000.
A third investor complaint, filed in 2007, alleged that he recommended an unsuitable variable annuity investment. The complaint reached a settlement of $20,000.
A fourth investor complaint, filed in 2006, alleged that as a Berthel Fisher & Company representative, he failed to follow instructions or “provide adequate documentation of his transactions.” In 2007 the complaint reached a settlement of $22,500.
According to the Financial Industry Regulatory Authority, Tim Thelen holds 31 years of securities industry experience. Based in San Clemente, California, he has been a broker with American Trust Investment Services since May 2023. His past registrations include Aeon Capital (Scottsdale, Arizona; 2018-2023), Accelerated Capital Group (Scottsdale, Arizona; 2013-2018), NEXT Financial Group (Winona, Minnesota; 2006-2012), Berthel Fisher & Company Financial Services (Winona, Minnesota; 1994-2006), Offerman & Company (Minneapolis, Minnesota; 1991-1994), and Austin Stone Securities (1989). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Limited Representative-Private Securities Offerings, or Series 82TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently licensed in California. (Information current as of May 20, 2023.)
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