Frank Carter III: $2mm Complaint Against Wells Fargo Advisor

Valdosta, Georgia financial advisor Frank Carter III (CRD# 2259658) is involved in an investor complaint alleging he made misrepresentations that resulted in losses exceeding $2 million. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Wells Fargo Clearing Services.

Mr. Carter’s BrokerCheck report discloses one investor complaint. Filed in May 2023, it alleges that as a representative of Wells Fargo, he “misrepresented the risk of loss involved with short selling shares of stock in their account.” (For reference, FINRA Rule 2020 forbids brokers like Mr. Carter from effecting securities transactions “by means of any manipulative, deceptive or other fraudulent device or contrivance.”) The pending complaint alleges damages of more than $2,166,028.

According to the Financial Industry Regulatory Authority, Frank Carter III holds 30 years of securities industry experience. Based in Valdosta and Tifton, Georgia, he has been a broker and an investment advisor with Wells Fargo Clearing Services since 2008. He was previously registered with AG Edwards & Sons in Valdosta, Georgia from 1992 until 2008. His credentials include the passage of eight securities industry qualifying exams: the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He currently holds 27 state licenses. (Information current as of June 11, 2023.)

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