After former registered representative Mike Carter (CRD#: 3232017) twice refused to furnish requested documents relating to theft allegations, FINRA barred him from the securities industry, according to Mike Carter’s BrokerCheck report accessed on September 16, 2019. He entered into an Acceptance, Waiver, and Consent (AWC) consenting to the sanctions. Leading up to the bar, FINRA had launched “an investigation of Mr. Carter in early August after receiving an external tip related to these allegations,” according to InvestmentNews.
The bar comes after Morgan Stanley Wealth Management discharged Mike Carter following “allegations he misappropriated client funds.” The relationship between a broker and a client is one based on trust, and when a broker steals from a client, they breach that trust. FINRA Rule 2150 prohibits brokers from improperly using client securities or funds, while FINRA Rule 2010 requires financial advisors to conduct themselves with “commercial honor.” When unscrupulous brokers engage in unethical acts, this can undermine consumers’ faith in the securities industry.
Apart from these disclosures, Mike Carter’s BrokerCheck record does not report any previous disciplinary history with FINRA or the Securities and Exchange Commission (SEC). He has, however, worked for several broker-dealers. Over his 18-year career in the securities industry, Mike Carter worked for eight brokerage firms:
- Morgan Stanley (CRD#: 1497777) of McLean, Virginia
- Ameriprise Financial Services, Inc. (CRD#: 6363) of Vienna, Virginia
- Morgan Stanley Smith Barney (CRD#: 149777) of Vienna, Virginia
- Morgan Stanley & Co. Incorporated (CRD#: 8209) of Vienna, Virginia
- Morgan Stanley DW Inc. (CRD#: 7556) of Vienna, Virginia
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691) of Vienna, Virginia
- Financial Network Investment Corporation (CRD#: 13572) of El Segundo, California
- Dean Witter Reynolds Inc. (CRD#: 7556) of Purchase, New York
If Mike Carter was your broker or you fear your broker may have stolen funds from your portfolio, don’t hesitate to contact an experienced securities attorney. Call (877) 238-4175 or email firstname.lastname@example.org for your free consultation.