SEC Charges Michael Barry Carter With Fraud For Stealing Millions From Clients
The Securities and Exchange Commission (SEC) has charged former Morgan Stanley broker Michael Barry Carter with fraud for stealing from his customers, including an elderly client.
The complaint filed by the SEC alleges that Carter, a currently-barred broker who was last registered with Morgan Stanley in their McLean, Virginia office, made dozens of unauthorized wire transfers from his client’s accounts to his personal bank account, which amounted to millions of dollars. It is alleged that Carter falsified documents to make the transfers and made unauthorized sales of client’s securities. Continue reading ›