Former Morgan Stanley stockbroker Michael Barry Carter acknowledged that he embezzled more than $6 million from clients and used the money for personal expenses, including credit card bills and mortgage payments.

According to the report, Mr. Carter admitted to making more than 53 unapproved transfers from client accounts to his own. As a result, he is facing a maximum of 25 years in prison. 

Former Morgan Stanley Advisor Forged Signatures 

Morgan Stanley stated that the brokerage firm fired Carter last year and notified law enforcement as soon as they realized what was going on. They also added that all money was returned to their rightful owners. 

From October 2007 through July 2019, Mr. Carter deceived five clients by forging their signatures on bank documents. It was not until one of the clients discovered an unauthorized $800,000 loan that the fraud came to light. 

The Securities and Exchange Commission also charged Mr. Carter on related allegations.

Speak with a Securities Fraud Attorney

Dimond Kaplan & Rothstein, P.A. has vast experience with cases related to securities fraud or stockbroker misconduct. The firm has successfully represented numerous securities fraud victims and we will aggressively pursue claims to recover your losses.

Contact Dimond Kaplan & Rothstein Today 

Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. to schedule an appointment for a FREE case evaluation.

With offices located in  Los AngelesNew YorkDetroitWest Palm BeachNaples and Miami. DKR represents clients nationwide and throughout Latin America. We fight for our clients rights!

EN   ES   PT     

Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182