FINRA Bars Former Morgan Stanley Broker For Refusing to Furnish Documents

Posted on September 27th, 2019 at 4:49 PM
FINRA Bars Former Morgan Stanley Broker For Refusing to Furnish Documents

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Financial Industry Regulatory Authority Inc. ("FINRA") recently barred a former Morgan Stanley broker from the brokerage industry for refusing to hand over requested documents and information around his alleged theft of client money.

According to FINRA, Morgan Stanley had fired the broker, Michael Barry Carter, for allegedly misappropriating client funds. FINRA separately had launched an investigation of Carter in early August after receiving an external tip related to those allegations. 

Neither FINRA nor Morgan Stanley outlined the scope or timing of his alleged theft. Carter consented to the bar without admitting or denying the findings.

According to his BrokerCheck profile, Carter had worked as a broker Morgan Stanley since 2011. Carter entered the securities industry in 1999 with Dean Witter Reynolds Inc.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, finra, morgan stanley, brokercheck

Return to Archive

TESTIMONIALS

Previous
Next

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.