Prior to his time at Lifemark Securities in Peoria Illinois, Carver was registered with Cetera Advisors LLC, Brewer Financial Services, LLC (a firm that has since been expelled), LPL Financial Corporation, Robert W. Baird & Co., Natcity Investments, Inc., and Dean Witter Reynolds Inc.
According to Carver’s CRD Report, published by the Financial Industry Regulatory Authority (FINRA), Carver faces pending allegations of:
- Financial exploitation of the elderly
- Negligence
- Breach of fiduciary duty
- Unlawful conversion
- Breach of the Illinois Consumer Fraud Act
- Negligent misrepresentation
- Violation of FINRA Rules
- Violation of state and federal securities laws
Carver also settled a separate customer dispute this year for $20,000 concerning allegations of excessive trading and commissions, commonly referred to as “churning.”
Carver’s Suspension
In May 2019, Carver was fined and suspended by FINRA for “willfully failing to timely disclose three tax liens” for unpaid income taxes to the IRS for the years 2013 and 2015 on compliance forms he submitted to FINRA, in violation of FINRA Rules. In FINRA’s written decision, it noted that “[u]nsatisfied liens and judgments in particular are significant because they raise concerns about whether a registered representative can responsibly manage his own financial affairs,” and “they may cast doubt on a person’s ability to provide trustworthy financial advice and services to investors who rely on that person to act on their behalf as a securities industry professional.” The report also found that Carver misrepresented his compliance with FINRA Rules to his firm, Cetera Advisors.
Carver Released from Previous Firms
In September 2017, Carver was discharged from Cetera Advisors, LLC for violating firm policy by not disclosing gifts from a client. Before that, in 2009, LPL Financial permitted Carver to resign over allegations that Carver failed to disclose involvement in an outside business activity. Again in 2002, Carver was permitted to resign from his position at Robert W. Baird & Co. over unauthorized correspondence with a customer.
Are you the victim of elder financial fraud and/or did you lose money investing with Stephen Carver?
Silver Law Group represents victims of elder fraud nationwide as well as investors claiming unsuitability, misrepresentation, breach of fiduciary duty, and more. If you or someone you know lost money investing with Stephen Carver of Cetera Advisors LLC or Lifemark Securities, please contact the Silver Law Group toll free at (800)-975-4345 or email ssilver@silverlaw.com for a confidential consultation.
[1] Department of Enforcement v. Stephen C. Carver, FINRA Disciplinary Proceeding No. 2017056071301 (May 13, 2019) (https://www.finra.org/sites/default/files/fda_documents/2017056071301%20STEPHEN%20C.%20CARVER%20CRD%202230161%20OHO%20jm%20%282019-1563538774050%29.pdf)