A public arbitrator with the Financial Industry Regulatory Authority has withdrawn and expunged a customer complaint from Ron Carson’s record.
The customer claimed in 2004 that Carson, head of Carson Group, recommended mutual fund shares that were unsuitable and not properly diversified while he was with LPL Financial. The client was seeking $20,000 in damages.
The arbitrator stated in the Jan. 21 ruling that the client “understood that, by buying Class B mutual fund shares, she would incur a charge if the shares were sold during the period that the load charge was applicable. She elected to sell the shares during this period and was charged the applicable load.”
While the client’s attorney filed a complaint on her behalf, Carson’s attorney “responded with a letter that showed why there was no case,” the arbitrator said.
As a result, the complaint was withdrawn and expunged. The customer was not paid any money and there was no settlement, the order states.
However, a $500,000 dispute from 2018 against Carson is still pending, according to BrokerCheck.
Nearly a month before his registration with FINRA ended on Jan. 31, 2019, Carson Group was hit with an excessive fee arbitration claim.