Former Cetera Advisors LLC Broker Stephen Carver Has $9.3 Million Pending Elder Abuse Complaint
Posted on Friday, February 1st, 2019 at 10:55 am
Were you the victim of elder abuse with former Cetera Advisors LLC financial advisor Stephen Carver (CRD# 2230161)? Carver was registered with the following brokerage forms during the past few years:
- Lifemark Securities Corp. in Peoria, Illinois (11/08/2017 – 12/31/2018)
- Cetera Advisors LLC in Peoria, Illinois (11/19/2010 – 09/19/2017)
- Brewer Financial Services, LLC in Peoria, Illinois (02/02/2009 – 11/05/2010)
- LPL Financial Corporation in Peoria, Illinois (11/12/2002 – 02/05/2009)
- Robert W. Baird & Co. Incorporated in Milwaukee, Wisconsin (10/27/2000 – 11/06/2002)
Carver was terminated from Cetera Advisors, LLC regarding, “Violated Firm policy for not disclosing gifts from client.”
Carver was terminated from LPL Financial regarding, “The firm reviewed documents indicating involvement by mr. Carver in an outside business activity without the prior written approval of the firm.”
Carver was terminated from Robert W. Baird & Co. Incorporated regarding, “Verbal customer complaint and failed to obtain manager approval of correspondence.”
In January 2019, FINRA opened a complaint against Carver regarding, “Carver was named a respondent in a FINRA complaint alleging that he willfully failed to timely amend his Form U4 to disclose three unsatisfied Internal Revenue Service tax liens totaling approximately $92,000 that were filed against him. The complaint alleges that Carver falsely attested to his member firm on an annual compliance questionnaire that he was in compliance with FINRA’s Form U4 disclosure requirements.”
Carver has been the subject of three customer complaints between 2008 and 2020, one of which was closed without action, according to his CRD report:
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 customer sought $62,302 in damages and the case was settled for $20,000.
October 2018. “Elder Abuse.” The customer sought $3 million in damages and the case was settled for $1.5 million.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cetera Advisors LLC may be liable for investment or other losses suffered by Carver’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.