Stephen Corley Carver of Peoria Illinois a stockbroker formerly registered with LifeMark Securities Corp. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Carver failed to cooperate with FINRA personnel during the time that he was investigated for a customer initiated investment related complaint containing allegations of his misconduct. Letter of Acceptance Waiver and Consent No. 2019062034601 (Jan 2. 2020).
According to the AWC, Carver became the subject of a FINRA investigation on December 6, 2019 where the regulator was examining a customer initiated investment related complaint. The AWC stated that on December 21, 2018, FINRA was provided a Uniform Termination Notice for Securities Industry Registration (Form U5) from LifeMark which revealed that Carver was due to be terminated at year end. By June 4, 2019, FINRA was made aware from LifeMark that Carver was the subject of a customer’s complaint relating to his activities at the securities broker dealer.
FINRA asked Carver to hand over documentation and information as a condition of complying with FINRA Rules 2010 and 8210. The AWC indicated that on December 9, 2019, FINRA received word from the stockbroker that he received FINRA’s request but would at no point be cooperating by providing any documentation or information to the regulator. FINRA found that Carver’s failure to comply in the investigation constituted violations of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Carver has been referenced in three customer initiated investment related disputes containing allegations of his misconduct while employed with LifeMark Securities Corp., Cetera Advisors LLC and LPL Financial. In particular, a customer filed an investment related complaint concerning Carver’s conduct in which the customer requested $1,036,000.00 in damages based upon allegations that misrepresentations or omissions had been made to customers concerning Carver’s status as a selling agent in Homegrown Energy Havana Ethanol.
Carver is the subject of another customer initiated investment related written complaint which was settled for $20,000.00 on July 24, 2019 supported by allegations that between March of 2018 and November of 2018, the customer was charged excessive commissions by the stockbroker; and mutual fund, stock and over-the-counter equities trades were effected in the customer’s account on an excessive basis causing the customer to incur losses.
Another customer initiated investment related arbitration claim pertaining to Carver’s activities was resolved for $1,500,000.00 in damages based upon accusations of federal securities laws, state securities laws and FINRA rules being violated; misrepresentations being made about mutual funds, stocks and direct investments; conversion of the customer’s funds, violation of fiduciary duties that were owed to the customer; negligent recommendations or transactions; elder abuse and fraudulent activities during the time that Carver was associated with Cetera Advisors. FINRA Arbitration No. 18-03608 (Dec. 16, 2019).
