The Investor’s Watchdog

The Investor's Watchdog

Illinois Broker Subject of FINRA Complaint for Failing to Timely Update Securities Industry Forms to Disclose Tax Liens

Tuesday, January 15, 2019

On January 3, 2019, the Financial Industry Regulatory Authority (FINRA) Department of Enforcement filed a Complaint against former registered representative Stephen Carver for failing to update his Form U4 to disclose tax liens.

According to his FINRA BrokerCheck report, Carver was most recently associated with Lifemark Securities Corp. in Peoria, Illinois from November 2017 to December 2018. Prior to that, he was associated with Cetera Advisors LLC in Peoria, Illinois from November 2010 to September 2017. Cetera was the third firm to discharge Carver under allegations of wrongdoing. Cetera discharged him for failing to disclose gifts from a client.

According to the Complaint, from April 2013 to November 2016, Carver failed to timely amend his Form U4 to disclose three unsatisfied IRS tax liens totaling approximately $92,000. The Complaint also alleges that he falsely attested on Cetera’s annual compliance questionnaire that he was in compliance with FINRA’s Form U4 requirements. Based on the foregoing, Carver violated FINRA Rule 2010 and 1122.

FINRA Department of Enforcement is requesting that the Office of Hearing Officers make findings of fact and conclusions of law that Stephen Carver committed the violations alleged in the Complaint and order that sanctions and fines be imposed under FINRA Rule 8310(a) and 8330.

If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Did your broker’s misconduct cost you money? If so, you may be able to recover from your broker or the brokerage firm where he or she was registered at the time of the misconduct. Since 1998, we have been representing victims of investment fraud and broker misconduct. Call us (1-877-410-8172) today for a free, no obligation consultation.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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