Finra bars ex-Morgan Stanley broker for refusing to hand over requested documents

Michael Barry Carter refused to furnish documents and information around his alleged theft of client money

Sep 10, 2019 @ 4:15 pm

By Greg Iacurci

Finra barred a former Morgan Stanley broker from the brokerage industry for refusing to furnish documents and information around his alleged theft of client money.

Morgan Stanley had fired the broker, Michael Barry Carter, July 30 for allegedly misappropriating client funds, according to his BrokerCheck report. He was registered with Morgan Stanley in McLean, Va., according to the report.

[More: Finra bars ex-Janney broker for stealing $411,000 of client's cash]

The Financial Industry Regulatory Authority Inc., the brokerage industry watchdog, had separately launched an investigation of Mr. Carter in early August after receiving an external tip related to these allegations, according to a Sep. 9 filing.

Finra barred Mr. Carter after he refused to twice hand over documents and information requested by the regulator about the alleged theft.

Neither Finra nor Morgan Stanley specify in the filing that outlines the punishment or in Mr. Carter's BrokerCheck report the scope or timing of his alleged theft.

[Recommended video: Deploying fintech to improve the client experience and prevent fraud]

Mr. Carter's attorney, James Hundley, didn't return a request for comment. Mr. Carter consented to the bar without admitting or denying the findings, according to the Finra filing.

Mr. Carter had been affiliated with Morgan Stanley since December 2011. He entered the securities industry in 1999 with Dean Witter Reynolds Inc.


What do you think?

View comments

Recommended next


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print