Securities Arbitration Lawyers BlogBryan Carnahan Barred From Practice in Securities Industry Following Allegations of Scheme to Defraud Customers
Carnahan allegedly converted almost $170,000 in misappropriated customer funds
After 16 years and five disclosure events in the securities industry, Bryan Andrew Carnahan was barred permanently by FINRA on May 1 following allegations that he converted $169,500 in funds from a customer at his firm, The Huntington Investment Company, between September 2013 and March 2015. Prior to being employed by Huntington, Carnahan worked for John Hancock Distributors, Inc., in 1998.
According to FINRA reports, Carnahan transferred the customer’s funds and asked her to write cashier’s checks that were supposedly to be used for an investment. He then allegedly caused the checks to be re-issued fraudulently in the amount of $169,500. It is purported that he then made those checks payable to his own account and to the accounts of other customers who lost money in investments. FINRA reports that at least 13 additional customers were involved in the alleged scheme.