SSEK Explores Investor Claims Involving Ex-Cetera Advisors Broker Stephen Carver

Former LifeMark Securities Broker Gets Banned By FINRA 

If you are an investor who suffered losses while Stephen Carver handled your investments and wish to file an investor claim, our broker misconduct attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to talk to you. 

Carver, who most recently was a LifeMark Securities broker and before that a Cetera Advisors financial representative — Cetera and LifeMark both fired him — was just barred by the Financial Industry Regulatory Authority (FINRA). 

The self-regulatory organization’s (SRO’s) ban comes after Stephen Carver declined to provide requested documents and information in its probe involving one investor claim against him.  

The Multiple Broker-Dealers That Fired Or Allowed Carver To Resign

During his 26 years in the industry, Stephen Carver has been a registered broker with eight firms including the following: 

• LifeMark Securities
• Cetera Advisors
• Brewer Financial Services (which is a firm that FINRA expelled in 2011)
• LPL Financial (LPLA)
• Robert W. Baird & Co
• NatCity Investments
• NatCity Insurance
• Dean Witter Reynolds (where he first began his career as a broker in 1992)

There are 11 disclosures noted on Stephen Carver’s BrokerCheck record, including three customer disputes. He has been fired or allowed to step down from several broker-dealers over the course of his career. 

In 2002, Robert W. Baird & Co let Carver resign after one customer accused him of making unauthorized trades. In 2009, LPL Financial also allowed the ex-Cetera broker to step down after documents showed he took part in outside business activities without the financial firm’s written approval. 

Cetera Advisors terminated Carver’s employment in 2017 after he didn’t disclose a gift from an older investor. The former broker countered that the customer, an 87-year-old man, was his uncle and that the latter gave him money for acting as a co-signee on his bank account and for managing his expenses and paying his bills. 

LifeMark Securities voluntarily terminated Carver in 2018 after he became the focus of an investor claims complaint while he was one of the firm’s brokers. Early last year, a customer dispute alleging that Carver engaged in excessive trading for the purposes of making extra commissions while he was a LifeMark broker was settled for $20K. 

Investor Claims Against Carver: Defrauding Older Investors 

The allegations against the ex-LifeMark broker involving his uncle is not the only time that Stephen Carver has been accused of financial broker misconduct involving a senior investor. A 2018 investment claim that is still pending accuses him of elder financial abuse. The claimant is seeking $9.3M in damages. 

Prior to FINRA’s bar against Carver, the SRO had suspended him for seven months for not properly disclosing $92K in IRS tax liens in his Form U4. 

Brokerage Firm Negligence 

Despite being fired or allowed to step down from several firms, Carver continued to work in the industry and handle investors’ money. If you are one of his former customers and you suspect your losses were due to his allegedly improper or negligent handling of your funds, you may have grounds for a broker-dealer negligence case against the firm where he worked at the time. 

Broker-dealers are not supposed to hire brokers with a history of negligence or misconduct and it is their job to properly supervise their employees to prevent investment fraud or negligence from occurring. 

If Stephen Carver was your broker and you would like to determine whether you have grounds for an investment fraud claim, contact SSEK Law Firm today to schedule your free case consultation.