Broker Investigation: Stephen C. Carver Formerly with Cetera Advisors

Stephen C. Carver (CRD#: 2230161) was previously registered as a broker and investment advisor. From November of 2017 to December of 2018, Mr. Carver was a representative for Lifemark Securities Corp. Prior to that, Mr. Carver served as a broker for Cetera Advisors (2010 to 2017). While with both brokerage firms, he was based in Peoria, Illinois.

Termination After Allegations of Misconduct

In September of 2017, former FINRA broker Stephen Carver was terminated by Cetera Advisors after allegations arose that he improperly accepted ‘gifts’ from an elderly client. On Brokercheck, Cetera alleges that Mr. Carver violated internal brokerage firm rules by failing to disclose ‘gifts’ that he received from a customer. Mr. Carver provided a comment indicating that the gifts were from his elderly uncle.

Investor Complaint: Elder Financial Abuse

In October of 2018 there was an investor complaint filed against Stephen Carver. According to FINRA records, the complainant alleges that Mr. Carver committed elder financial abuse. In this claim, they are seeking $9.3 million in compensatory damages. As of January of 2019, this complaint is still listed as pending.

FINRA Investigation: Failure to Disclose Tax Liens

Investors must be able to trust their broker. To help facilitate trust, securities industry rules require financial professionals to make certain personal financial disclosures. In a complaint filed on January 3rd, 2019 (Disciplinary Proceeding No. 2017056071301), FINRA alleges that former broker Stephen Carver failed to disclose more than $92,000 in tax liens. If true, this is a violation of FINRA Rule 2010 and FINRA Rule 1122. The agency is seeking all appropriate sanctions against Mr. Carver, potentially including financial penalties and/or suspension from the industry.

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