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The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Michael Barry Carter. According to his publicly available FINRA BrokerCheck report, Michael Barry Carter has been the subject of multiple customer complaints connected to alleged fund misappropriation.

Michael Barry Carter was a Virginia based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Dean Witter Reynolds (1999-2000)
  • Financial Network Investment Corporation (2000-2002)
  • Merrill Lynch (2002-2006)
  • Ameriprise Financial Services (2011)
  • Morgan Stanley (2006-2019)

The Allegations

  • In July 2019, Michael Barry Carter was terminated from his position at Morgan Stanley. This followed allegations that he misappropriated customer funds.
  • In September 2019, a customer’s power of attorney alleged that Michael Barry Carter opened a Liquidity Access Line on the customer’s behalf without authorization. The customer’s POA also alleged that Carter made unauthorized withdrawals from this account. This case was settled for $1,329,558 in damages.
  • In September 2019, another customer alleged that Michael Barry Carter made unauthorized withdrawals from their account. This case was settled for $676,174 in damages.

What Does This Mean?

Misappropriating a customer’s funds is one of the most blatant and fraudulent abuses of power a broker can commit against an investor. Misappropriation occurs whenever a securities brokers diverts an investor’s funds for purposes other than what the two parties previously agreed upon. This can range from the broker investing the funds in securities different than what had been discussed to the broker moving the funds to their own account and using it for their personal use. Regardless of what the money has been used for, it has been stolen from the investor. The investor trusted the broker with their money and that trust was violated.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. We work on a contingency basis which means there are no fees charged unless we collect for you. If you, or someone you know, have lost money investing with Michael Barry Carter, please contact Oakes & Fosher for a free and private consultation.