- January 19, 2020
- Cetera Advisors LLC
Stephen Carver (CRD # 2230161) was a Financial Advisor at Cetera Advisors and Lifemark Securities in Peoria, Illinois. Stephen Carver has been in the securities industry since since 1992 and previously worked for Brewer Financial Services and LPL Financial Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 2, 2020, FINRA sanctioned Stephen Carver, barring him from associating with a brokerage firm. According to the FINRA sanction, “Carver consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with an investigation into an investment-related customer complaint.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019062034601%20Stephen%20Carver%20CRD%202230161%20AWC%20va.pdf
In a second regulatory sanction from 2019, Stephen Carver was suspended by FINRA for a period of seven months for failing to disclose tax liens, totaling $92,000.
In addition to the foreging regulatory disclosures, Stephen Carver has three disclosed customer complaints on his CRD, alleging sales practice misconduct, and three employment disclosures. Among the customer complaints are the following:
- May 2019—”Client alleges that between 3/2018 and 11/2018 Rep made high number of trades and earned excessive commissions. She alleges that at end of stated period her account had lost some of its value.” The matter was settled for $20,000.
- October 2018—”Financial exploitation of the elderly, negligence, breach of fiduciary duty, unlawful conversion, breach of Illinois consumer fraud Act, Fraud, negligent misrepresentation, breach of FINRA regulations, and breach of Illinois and federal securities laws.” The matter was settled for $1.5 million.
- October 2008—”ALLEGES MR. CARVER ACTED AS A SELLING AGENT FOR HIS SPOUSE IN HOMEGROWN ENGERY/HAVANA ETHANOL WITHOUT DISCLOSING THE FACT TO POTENTIAL BUYERS/INVESTORS OF SPOUSE’S INVOLVEMENT.” Alleged damages were $1.03 millon and the complaint was denied by the brokerage firm.
Throughout the course of Stephen Carver’s career, he has three employment disclosures. In 2002, Stephen Carver was “permitted to resign” by Robert W. Baird & Co. after it was alleged that he received a “verbal customer complaint and failed to obtain manager approval of correspondence.” In 2009, LPL Financial was conducting an internal review of Stephen Carver’s involvement in an undisclosed outside business activity. During the investigation, Stephen Carver was “permitted to resign.” In 2017, Cetera Advisors terminated him for violating firm policy when not disclosing a gift from a client.
For a copy of Stephen Carver’s CRD, click https://brokercheck.finra.org/individual/summary/2230161
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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