Securities Lawyers Blog
According to BrokerCheck records financial advisor Stephen Carver (Carver), formerly employed by Lifemark Securities Corp. (Lifemark Securities) and Cetera Advisors LLC (Cetera Advisors) has been subject to at least two customer complaints, one regulatory complaint, three employment terminations for cause, and three tax liens. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Carver’s customer complaints allege that Carver made unsuitable recommendations in a variety of securities including alternative investments such as REITs.
In January 2019 FINRA brought a complaint against Carver 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. FINRA claims that Carver also falsely attested to his member firm on an annual compliance questionnaire that he was in compliance with FINRA’s Form U4 disclosure requirements. The regulatory complaint is currently pending.
In October 2018 a customer brought a complaint against Carver alleging the broker violated the securities laws by committing elder abuse. The claim alleged $9.3 million in damages and is currently pending.
In September 2017 Cetera Advisors discharged Carver claiming that he violated firm policy by not disclosing gifts from a client.