FINRA has suspended broker Patrick Michael Carroll and ordered his firm, Centaurus Financial, Inc., to pay over $634,000 in customer restitution.

According to FINRA’s September 2026 disciplinary report, Centaurus Financial was censured and fined $475,000 in addition to the restitution order. Carroll, based in Cadillac, Michigan, was fined $10,000 and suspended from associating with any FINRA member in all capacities for 12 months.

The sanctions stem from FINRA findings that the firm failed to establish and enforce a supervisory system reasonably designed to oversee the sale of certain complex products and ensure compliance with suitability rules. When supervisory systems fail, individual brokers can bypass compliance checks, placing retail investors in unsuitable or high-risk investments.

Brokerage firms are legally responsible for the actions of their registered representatives. A firm’s failure to supervise can be a critical factor in a FINRA arbitration claim.

If you suffered substantial losses exceeding $100,000 with Patrick Michael Carroll or Centaurus Financial, you may be entitled to compensation. Contact Sonn Law today to discuss your account history and potential recovery.

Sources: (FINRA September 2026 Disciplinary Actions: FINRA) (FINRA BrokerCheck: FINRA)