National investment loss lawyers KlaymanToskes is investigating broker Mark Carter (CRD# 6387371) of Carter Financial Group and Pruco Securities/Prudential Financial Planning Services after a customer complaint was filed with the Financial Industry Regulatory Authority (“FINRA”), alleging $500,000 in investor damages due to unauthorized trading in several retirement accounts. The complaint was settled in favor of the investors for $672,038.
According to FINRA BrokerCheck, broker Mark Carter was previously registered with Pruco Securities and Prudential Financial Planning from September 2014 to February 2024, when he resigned from the firm following allegations that he self-disclosed to the firm that he had engaged in excessive and unauthorized discretionary trading in client accounts which resulted in losses to clients. Carter was reportedly doing business as Carter Financial Group in Charlotte, NC.
FINRA has now suspended Carter from acting as a broker and has issued findings confirming that Carter willfully violated Regulation Best Interest (Reg BI) by recommending aggressive options trading that was unsuitable and not in the best interest of two retail clients—a married couple with long-term, growth-focused investment objectives.
Investors that suffered losses with broker Mark Carter are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
FINRA announced a disciplinary action against financial advisor Mark Carter, for willfully violating Regulation Best Interest (Reg BI). According to the findings, Carter recommended aggressive options trading to two retail clients, a married couple, despite their stated goals of long-term growth and capital appreciation.
Carter initially allegedly placed around 100 options trades, but later escalated to more than 2,200 trades, resulting in client losses exceeding $600,000, while he earned $6,773 in commissions. He also exercised discretionary trading authority without the required written customer approval and mismarked over 2,300 trades as “unsolicited.”
Carter allegedly self-reported the misconduct, and the firm reimbursed the clients after they filed a complaint. Without admitting or denying the findings, he accepted the following sanctions:
KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations.
If you suffered losses with broker Mark Carter, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
The firm has helped recover over $600 million* for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.
*Exclusive of attorneys fees and costs.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your broker. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
According to FINRA and the SEC, brokerage and investment advisory firms such as Carter Financial Group, Pruco Securities, and Prudential Financial Planning, are responsible for the supervision of all of the activities of their registered financial advisors. Investors may be entitled to a financial recovery if their firm failed to supervise the representative managing their account, and/or if their financial advisor made unsuitable investment recommendations.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Mark Carter, or have concerns regarding your investment portfolio at Carter Financial Group, Pruco Securities, and/or Prudential Financial Planning, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation to discuss your potential recovery options.