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Michael Carter Barred After Unauthorized Withdrawals Totaling $5.2M

Michael Carter (Michael Barry Carter) (CRD: #3232017) is a former registered broker and investment advisor whose last employer was Morgan Stanley (CRD#: 149777) of McLean, VA.  His previous employers include Ameriprise Financial Services, Inc. (CRD#:6363), Morgan Stanley & Co. Incorporated (CRD#:8209) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of McLean, VA. He has been in the industry since 1999. Carter’s record has five disclosures, three of which are customer disputes with settlements totaling $5,199,232.26Michael Carter (Michael Barry Carter) (CRD: #3232017) is a former registered broker and investment advisor whose last employer was Morgan Stanley (CRD#: 149777) of McLean, VA. His previous employers include Ameriprise Financial Services, Inc. (CRD#:6363), Morgan Stanley & Co. Incorporated (CRD#:8209) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of McLean, VA. He has been in the industry since 1999.

Carter’s record has five disclosures, three of which are customer disputes with settlements totaling $5,199,232.26:

  • Filed on 10/18/2019 with requested damages of $4,000,000, and settled for $3,193,500.00
  • Filed on 9/12/2019, settled for $676,174.01
  • Filed on 9/3/2019, settled for $1,329,558.25

All three contain similar allegations for unauthorized withdrawals, with one alleging that Carter opened a “Liquid Access Line” without authorization and made withdrawals without permission.

Morgan Stanley discharged Carter after receiving news of the allegations. The Form U5 that Morgan Stanley submitted to FINRA detailed the allegations.

In response an external tip, FINRA began an investigation into Carter’s activities, much of which was detailed in the Form U5.

FINRA sent a request to Carter on 8/9/2019 requesting documents and information related to the allegations. After he failed to respond, FINRA sent a second request on 8/20/2019. Seven days later, Carter’s legal counsel informed FINRA in a phone call that he received the two requests, but would not be providing any information in this case.

FINRA then issued an Acceptance, Waiver & Consent Letter (AWC), signed by Carter on 9/3/2019 consenting to the sanction. He neither admitted or denied the findings.  The AWC includes an indefinite bar for Carter in all capacities, and he cannot be affiliated in any way with any FINRA member.

Did You Invest Monies With Michael Carter?

Silver Law Group has extensive experience representing investors whose financial advisor has improperly taken or borrowed money. Our securities fraud attorneys have represented many elderly investors for fraud cases including claims that stockbrokers have taken money from a customer’s account.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.

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