Bryan Carnahan, formerly with Huntington Investment Company in Columbus OH, has been accused of misappropriating customer funds.
The securities fraud lawyers at Meyer Wilson are currently investigating accusations that former Ohio broker Bryan Carnahan (CRD# 3103811) misappropriated $169,500 from a Huntington customer.
From September 2013 to March 2015, Carnahan allegedly misappropriated $169,500 from one of his customers. Regulators claims that Carnahan then deposited approximately $149,000 of the converted funds into the accounts of some of his other customers who had suffered losses. It is also alleged that Carnahan used what remained of the misappropriated funds for his own benefit.
The Financial Industry Regulatory Authority (FINRA), the self-regulatory organization that oversees brokerage firms, states that Carnahan took the $169,500 through a series of five fund transfers from the customer’s Huntington brokerage account to the customer’s account at Huntington bank. Once the customer’s money was in the bank account, Carnahan allegedly told his client to withdraw the money in the form of cashier’s checks for what he claimed were new investment opportunities.
In a Letter of Acceptance, Waiver, and Consent, FINRA accuses Carnahan of taking his client’s cashier’s checks and re-issuing them so that they were payable to his own account as well as the accounts of 13 other of his clients that had suffered investment losses. Carnahan has been barred from the securities industry.
According to the AWC, the conduct Carnahan is accused of violates, among other things, FINRA Rules 2150 and 2010. FINRA Rule 2150 prohibits brokers from improperly using a customer’s money and/or investments. FINRA Rule 2010 requires registered brokers to “observe high standards of commercial honor and just and equitable principles of trade in connection with their business.”
Meyer Wilson’s broker fraud attorneys are currently investigating these misconduct claims involving Bryan Carnahan of Huntington Investment Company in Columbus, OH. If you invested with Carnahan and lost money, we invite you to contact us today for a free case evaluation.