Broker Stephen Carver (also known as Stephen Corley Carver) has been barred from associating with any broker-dealer firm according to a Letter of Acceptance, Waiver and Consent (AWC) under review by attorney Alan Rosca.
Investment loss attorney Alan Rosca and his colleagues at the Rosca Scarlato LLC law firm are investigating circumstances related to the barring of former broker Stephen Carver. Investors who are concerned about their investments with Stephen Carver may reach out to attorney Rosca or his colleagues for a free, no-obligation consultation and discussion of potential options, or to provide any useful information. Interested Stephen Carver investors may call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
Broker Stephen Carver Has Been Sanctioned by FINRA
According to a January 2020 AWC, in December of 2019, Stephen Corley Carver received a request from FINRA staff requesting documents pertaining to a customer complaint filed against him in connection to the customer’s investments. Carver allegedly refused to produce the information and documents requested of him, and without admitting or denying the allegations, broker Stephen Carver signed the AWC consenting to being barred indefinitely.
According to disclosures in his FINRA Brokercheck Report, Carver was subject of another FINRA sanction. In May 2019, broker Stephen Carver received a seven-month suspension from associating with any FINRA member firm for allegedly failing to timely to disclose three tax liens filed against him, totaling $92,000. In addition to the suspension, Carver received a fine of $7,500.
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Former Broker Stephen Caver Was Subject of Two Customer Disputes Concluded in Settlement
The disclosures in Carver’s Brokercheck as of the date of this article show that he was twice involved in customer disputes in which customers were paid settlements.
In May 2019, a customer alleged that while he was registered with LifeMark Securities, broker Stephen Carver made a high number of trades. Further, the customer alleged that these trades earned Carver excessive commissions. The investments in question involved Equity and Mutual Funds, and the alleged damages reportedly rose to $62,302. According to a later update, this dispute was settled for $20,000, the entire amount representing Stephen Carver’s individual contribution.
Several months prior, former broker Stephen Carver was involved in another dispute alleging that while he was registered with Cetera Advisors, Carver reportedly engaged in financial exploitation of the elderly, negligence, negligent misrepresentation, and breach of fiduciary duty. In addition, the customer alleged breach of several rules and regulations (Illinois Consumer Fraud Act, FINRA Regulations, and breach of Illinois and Federal Securities Laws). Similar to the aforementioned dispute, this complaint was also related to equity and mutual fund investments. The alleged damages in this case rose to $3,000,000. The case was reportedly filed with FINRA in October 2018, and shows as settled in December 2019 for $1,500,000, according to his Brokercheck report.
Stephen Carver Was a Broker for 26 Years
According to his Brokercheck, Carver joined the securities industry in May 1992. Since then he reportedly switched between eight firms located in New York, Ohio, Wisconsin, and Illinois.
Between November 2017 and December 2018, broker Stephen Carver was registered with Lifemark Securities Corp, in Peoria, Illinois. Before that, Carver was with Cetera Advisors, between November 2010 and September 2017. In September 2017, Carver’s employment with Cetera was terminated after Stephen Corley Carver allegedly violated firm’s policy for not disclosing a gift from a client.
Before joining Cetera, between February 2009 and November 2010, Stephen Carver was registered with Brewer Financial Services, a firm that was reportedly expelled by FINRA in March 2011.
For almost seven years prior that, between November 2020 and February 2009, Carver was a registered broker with LPL Financial Corporation, in Peoria, Illinois. In January 2009, Carver was permitted to resign from LPL Financial after he allegedly failed to disclose outside business activities.
The LPL resignation came after he was permitted to resign from his then employer, Robert W. Baird & Co. Incorporated, in connection to a verbal customer complaint and a failure to obtain manager approval of correspondence. Stephen Carver was with Robert W Baird & Co. between October 2000 and November 2002.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Investment Loss Attorneys Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to broker Stephen Carver that reportedly led to him being barred by FINRA, and well as customer disputes.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for its fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors from across the country and around the world in cases ranging from arbitrations to class actions.
Concerned Stephen Carver investors may contact attorney Alan Rosca or his colleagues for a free no-obligation case evaluation and discussion of potential options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.