If you were a client of Morgan Stanley broker Michael Barry Carter, better known as Mike Carter, please call 303-300-5022 for a free and confidential consultation to determine whether you have been a victim of fraud.
The Securities and Exchange Commission on Monday, July 20, 2020, charged a former Morgan Stanley representative with stealing approximately $6 million from brokerage customers and an elderly investment advisory client.
Investors have recourse when investment professionals turn bad.
Mike Carter was a financial advisor in the McLean, Virginia office of a Morgan Stanley. He falsified internal documents in order to effect dozens of unauthorized wire transfers, totaling millions of dollars, from the accounts of brokerage customers to his own personal bank accounts.
“As a financial advisor, Carter was entrusted with millions of dollars belonging to his brokerage customers, his advisory clients, and their families,” stated SEC’s New York regional office director in a press release. “As alleged in our complaint, Carter instead took advantage of that trust for his personal gain.”
Morgan Stanley also failed to adequately monitor money transfers to accounts of its brokers. Adequate supervision would have stopped most, if not all of these transfers.
Carter attempted to hide his fraud with the circulation of false account statements to his investors. He then used the stolen funds to pay his credit cards and his mortgage.
Carter has been charged by federal authorities with wire fraud and other criminal counts.
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