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.
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