Our firm is investigating allegations made against Stephen C. Carver, who was a registered representative for Cetera Advisors in Peoria, Illinois. According to his FINRA BrokerCheck Report, an investor sued Cetera and Mr. Carver in FINRA Arbitration for upwards of $3 million. The complaint makes allegations of elder abuse, conversion, breach of fiduciary duty, and violations of both Illinois and Federal statutory and consumer protection statutes. The claim was filed in October 2018 and involves direct-participation programs, limited partnerships or also known as Private Placements.
Mr. Carver has several disclosures on his BrokerCheck Report in addition to this recent complaint. He was terminated by LPL Financial in 2009 for failing to disclose his involvement in an outside business, which is major red flag to brokerage compliance departments. He also discloses several tax liens on his record. He was then terminated by Cetera for failing to disclose a gift he received from a client, who he stated was his uncle.
Mr. Carver was also named in a Regulatory Complaint filed by FINRA for failing to disclose tax liens on his Form U-4. FINRA’s By-Laws, specifically Article V, Section 2(c) require all financial advisors update their U-4 with information required to be disclosed within thirty days of learning of the event requiring the disclosure. Tax liens are specifically disclosable events that financial advisors like Mr. Carver are obligated to report within thirty days or they are violating FINRA By-Laws along with FINRA Rule 1122 and FINRA Rule 2010.
Carver was registered with Cetera Advisors from 2010 to 2017. During this time, Cetera was under a legal obligation to supervise Carver and his Peoria, Illinois office pursuant to FINRA Rule 3110. Cetera also has internal rules and procedures financial advisors must follow in the course of their conduct as licensed, registered representatives of the firm. Violating any of these rules, policies, or procedures is evidence of breach of duty and if you have been damages as a result of these breaches, the firm can be liable to you for negligence.
If you lost money investing with Cetera Advisors or Stephen Carver, please contact Stoltmann Law Offices in Chicago, Illinois at 312-332-4200 for a free no obligation consultation with an attorney.
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