Shakela Carter Barred From Associating With A Broker Dealer For Failure To Respond To FINRA Subpoena Requesting Information Concerning Her Sales Practices
The Wolper Law Firm is currently investigating claims against Shakela Carter, a former Financial Advisor at Merrill Lynch in Ft. Lauderdale, Florida. Shakela Carter has been in the securities industry since the 2009.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in 2016, Shakela Carter resigned from Merrill Lynch amidst an internal investigation regarding her participation in outside business activities commonly referred to in the industry as “selling away.” This sales practice misconduct prompted the commencement of a FINRA investigation and enforcement action for which Shakela Carter has not cooperated and has subsequently been barred.
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
If you or someone you know was a customer of Shakela Carter, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.