STEPHEN CARVER Cause Your Investment Losses?

STEPHEN CARVER Cause Your Investment Losses?

The Financial Industry Regulatory Authority (FINRA) confirms that at least three investors filed disputes over the sales practices of Stephen Carver (CRD#: 2230161, Peoria, Illinois). The disputes, which come from investors of both LifeMark Securities Corp, LPL Financial, and Cetera Advisors LLC, are summarized below:

LifeMark Securities Corp. Client’s Complaint Suggests Carver Excessively Traded Investments

Most recently, a LifeMark Securities Corp. client disputed Stephen Carver’s sales practices through a complaint dated May 20, 2019. Mainly, the client contended that from March 2018 through November 2018, Carver excessively traded investments including mutual funds and OTC equities. Supposedly, Carver earned “excessive” commissions from his trading. As a result, the client claimed that she suffered account value declines. For this reason, the client alleged $62,302 in this pending matter.

Cetera Advisors LLC Client Files Arbitration Claim Suggesting Stephen Carver Committed Elder Abuse

Stephen Carver’s FINRA BrokerCheck Report shows that the Cetera Advisors client brought FINRA Arbitration #: 18-03608 on October 29, 2018. First of all, Carver allegedly financially exploited this elderly client. Secondly, the customer indicated that Carver was negligent, failing to protect the client from unreasonable risks of losses on investments. Third of all, the client claimed that Carver failed to comply with his fiduciary responsibility to the client. Not only that, but Carver allegedly misrepresented investments including stocks, DPP or LP interests, and mutual funds. Finally, the client suggested that Cetera Advisors LLC or Carver violated FINRA rules, Illinois Consumer Protection Act and federal securities laws. As a result, the client demanded $9,300,000 in damages. Currently, this matter is awaiting a resolution.

LPL Financial Investor Complains About Carver’s Alleged Failure To Disclose Information

A third investor dispute dated December 23, 2008 comes from an LPL Financial LLC client. The complaint alleged that Stephen Carver failed to disclose information about the client’s investments. Supposedly, Carver was a selling agent for his spouse’s sale of Homegrown Energy/Havana Ethanol. Allegedly, Carver failed to disclose the spouse’s involvement to the client. As a result, the client asked for $1,036,000 in compensation. However, LPL Financial denied the client’s complaint on October 22, 2010.

FINRA, Securities Firms Cite Instances Of Carver’s Alleged Misconduct

Evidently, Robert W. Baird permitted Stephen Carver to resign in 2002 over a client’s accusations of Carver making unauthorized trades. Next, LPL Financial permitted Carver to resign for engaging in potentially unreported outside business activities. Apparently, LPL Financial investigated Carver following receipt of a client’s complaint. Later, Cetera Advisors LLC discharged Carver for violating the firm’s gift policy. Finally, FINRA issued Carver a 7 month suspension and $7,500 fine for failing to report $92,000 in tax liens.

Losses From Stephen Carver?

Experienced losses by investing with securities broker Stephen Carver? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.