The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct by former securities broker Stephen Carver. According to his publicly available FINRA BrokerCheck report shows that he has been the subject of multiple customer complaints.

Stephen Carver was an Illinois based securities broker. He worked in the securities industry for twenty-six years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Dean Witter Reynolds Inc. (1992-1995)
  • NatCity Insurance Services (1995-2000)
  • Robert W. Baird & Co. (2000-2002)
  • LPL Financial Corporation (2002-2009)
  • Brewer Financial Services (2009-2010)
  • Cetera Advisors (2010-2017)
  • Lifemark Securities Corp. (2017-2018)

The Allegations

  • In October 2018, it was alleged that Stephen Carver financially exploited elderly customers, managed their account negligently, breached his fiduciary duty, engaged in unlawful fund conversion, breached the Illinois Consumer Fraud Act, committed fraud, made negligent misrepresentations, breached FINRA regulations, and breached both state and federal securities laws. This case was settled for $1.5 million in damages.
  • In May 2019, a customer alleged that Stephen Carver made excessive trades and earned excessive commissions. This case was settled for $20,000 in damages.

What Does This Mean?

Some less than scrupulous securities brokers see elderly investors as easy targets for their fraudulent activity. This is because elderly investors usually rely more heavily on their brokers to invest suitably on their behalf. These brokers are well aware of this fact and will take advantage of that trust as an opportunity to financially abuse the investor. This type of financial abuse can lead to these investors forgoing important medical treatments and other essential purchases. It can cause these investors to experience severe depression and anxiety which can greatly contribute to more health problems.

Oakes & Fosher Can Help

Many investors are still unaware of the legal recourse available to them after losing money due to securities broker misconduct or negligence. The truth is that investors who have lost money in this fashion may actually be entitle to damages. Oakes & Fosher dedicates its entire legal practice to helping investors that have lost money in that fashion across the nation. If you, or someone you know, have lost money investing with Stephen Carver, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.