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Mark Carter: $500K Complaint Against Ex-Pruco Advisor

Former Charlotte, North Carolina financial advisor Mark Carter (CRD# 6387371) allegedly made unauthorized trades, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he was registered as a broker with Pruco Securities, doing business as Carter Financial Group, until he resigned from the firm in connection with alleged rule violations.

Mr. Carter’s BrokerCheck report discloses one investor complaint. The most recent, filed in April 2024, alleges that as a representative of Pruco Securities, he made unauthorized trades in “several retirement accounts.” The pending complaint alleges damages of $500,000.

A second disclosure on his BrokerCheck report concerns his resignation from Pruco Securities. Filed in February 2024, it states that he resigned after he “self-disclosed to the firm that he had engaged in excessive unauthorized discretionary trading in client accounts which resulted in excessive losses to the clients.” It states further that he “admitted to incorrectly submitting trade orders as ‘unsolicited.’”

Various FINRA rules prohibit brokers like Mr. Carter from trading in customer accounts without authorization. FINRA Rule 3260, for instance, outlines specific conditions under which brokers can execute discretionary trades; it also forbids discretionary trading without a customer’s prior written authorization and a firm’s written approval. FINRA Rule 2010, meanwhile, stipulates that FINRA-associated persons must “observe high standards of commercial honor and just and equitable principles of trade,” which generally means that they may not make unauthorized trades. Brokers who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority, Mark Carter holds nine years of securities industry experience. Most recently based in Charlotte, North Carolina, he was registered as a broker with Pruco Securities from 2014 until March 2024. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is not currently licensed with any state or broker-dealer firm. (Information current as of June 9, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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