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

Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.