Michael Barry Carter (also known as Mike Carter) of McLean Virginia a stockbroker formerly registered with Morgan Stanley Smith Barney is the subject of a customer initiated investment related complaint which was resolved on October 18, 2019 for $3,193,500.00 in damages based upon accusations of unauthorized withdrawals being effected from the customer’s account when Carter was associated with Morgan Stanley.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Carter is referenced in two more customer initiated investment related disputes containing allegations of his wrongdoing while associated with Morgan Stanley Smith Barney. On September 3, 2019, a customer initiated investment related complaint involving Carter’s conduct was settled for $1,357,841.68 in damages based upon allegations of a Liquidity Access Line being opened by Carter without the customer’s permission and withdrawals being effected without authorization between December of 2017 and May of 2019.
On September 12, 2019, a customer initiated investment related complaint pertaining to Carter’s conduct was settled for $676,174.01 in damages supported by allegations of withdrawals being initiated by the stockbroker without the customer’s knowledge.
FINRA Public Disclosure reveals that Carter has been barred from associating with any FINRA member in any capacity based upon findings of Carter’s failure to cooperate with the regulator during the period in which he was investigated for misappropriating funds from investors. Letter of Acceptance Waiver and Consent No. 2019063523501 (Sept. 9, 2019).
According to the AWC, Carter was asked to provide information and documentation to the regulator who was investigating the circumstances behind Carter’s discharge from Morgan Stanley. Carter’s legal counsel confirmed that the stockbroker would not produce any information or documents for the regulator. Carter’s failure to comply while under investigation constituted the violation of FINRA Rules 2010 and 8210.