FINRA Bars Former Morgan Stanley Broker for Failure to Cooperate with Investigation
Morgan Stanley Fires Michael Carter
Between 1999 and 2019, Michael Barry Carter (CRD# 3232017) was registered with seven Financial Industry Regulation Authority (FINRA) member firms, including Morgan Stanley, where he served as a General Securities Representative from 2011 to 2019. According to Carter’s BrokerCheck report, he was fired by Morgan Stanley on July 30, 2019 for allegedly misappropriating client funds.
FINRA Bars Carter for Refusing to Hand Over Documents
After receiving an external tip, FINRA initiated a separate investigation into the theft allegations surrounding Carter on August 5, 2019. FINRA requested certain documents and information from Carter, who failed to respond by the specified deadline. Two weeks later, the regulator issued a second request, which Carter also ignored.
Carter’s attorney discussed the matter with FINRA staff on August 27, 2019 and acknowledged that Carter had received the requests and confirmed that his client would not be supplying the documents and information. By refusing to furnish documents, Carter violated FINRA Rules 8210 and 2010. He was handed a permanent bar from the industry as a result.
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