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FINRA Bars Peoria Rep Stephen Carver: Customer Complaint

Former LifeMark Securities broker Stephen Carver (CRD# 2230161) was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority in connection to allegations he did not produce information requested during FINRA’s investigation into a customer complaint against him. Formerly a representative at the firm’s office in Peoria, Illinois, Carver was barred from acting as a broker.

According to a Letter of Acceptance, Waiver and Consent (No. 2019062034601) dated January 2020, Stephen Carver was associated with LifeMark Securities Corporation as a General Securities Representative and General Securities Principal from November 2017 until December 2018, when the form filed notice of his voluntary termination. Later, in June 2019, the form filed an amended Form U5 disclosing that he was “the subject of an investment-related, consumer-initiated, written complaint” concerning events during his employment at the firm. FINRA initiated an investigation into this complaint, pursuant to which it sent Carver a request on December 6, 2019 to produce information and documents. Three days later, on December 9, 2019, Carver acknowledged to FINRA that he had received its request but that he would not produce the requested documents and information “at any time.” FINRA states that this refusal violated FINRA Rule 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member firm in any capacity.

Stephen Carver’s BrokerCheck report lists two customer complaints. One complaint, filed in May 2019, alleged that as a representative of LifeMark Securities, he effected “a high number of trades and earned excessive commissions.” This complaint reached a settlement of $20,000. Another complaint, filed in October 2018, alleged that as a representative of Cetera Advisors, he financially exploited an elderly customer, acted negligently, breached his fiduciary duty, unlawfully converted funds, violated the Illinois Consumer Fraud Act, negligently misrepresented material facts, and breached both FINRA regulations and state and federal securities laws. This complaint reached a settlement of $1.5 million.

Stephen Carver is currently not registered as a broker. His previous registrations include LifeMark Securities Corporation, Cetera Advisors, Brewer Financial Services, LPL Financial, Robert W. Baird & Company, Natcity Investments, Natcity Insurance Services, and Dean Witter Reynolds. He has passed six securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 14, 2020.)

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