Finra bars ex-Morgan Stanley broker for refusing to hand over requested documents

Finra bars ex-Morgan Stanley broker for refusing to hand over requested documents
Michael Barry Carter refused to furnish documents and information around his alleged theft of client money.
SEP 10, 2019
Finra barred a former Morgan Stanley broker from the brokerage industry for refusing to furnish documents and information around his alleged theft of client money. Morgan Stanley had fired the broker, Michael Barry Carter, July 30 for allegedly misappropriating client funds, according to his BrokerCheck report. He was registered with Morgan Stanley in McLean, Va., according to the report. [More: Finra bars ex-Janney broker for stealing $411,000 of client's cash] The Financial Industry Regulatory Authority Inc., the brokerage industry watchdog, had separately launched an investigation of Mr. Carter in early August after receiving an external tip related to these allegations, according to a Sep. 9 filing. Finra barred Mr. Carter after he refused to twice hand over documents and information requested by the regulator about the alleged theft. Neither Finra nor Morgan Stanley specify in the filing that outlines the punishment or in Mr. Carter's BrokerCheck report the scope or timing of his alleged theft. [Recommended video: Deploying fintech to improve the client experience and prevent fraud] Mr. Carter's attorney, James Hundley, didn't return a request for comment. Mr. Carter consented to the bar without admitting or denying the findings, according to the Finra filing. Mr. Carter had been affiliated with Morgan Stanley since December 2011. He entered the securities industry in 1999 with Dean Witter Reynolds Inc.

Latest News

RIA M&A stays brisk in first quarter with record pace of dealmaking
RIA M&A stays brisk in first quarter with record pace of dealmaking

Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.

New York Dems push for return of tax on stock sales
New York Dems push for return of tax on stock sales

The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.

Human Interest and Income Lab streamline workflows for retirement-focused advisors
Human Interest and Income Lab streamline workflows for retirement-focused advisors

The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.

Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls
Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls

Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.