Bryan Carnahan, a former general securities representative with Huntington Investment Company, was permanently barred from associating with any FINRA member in any and all capacities after consenting to FINRA findings that Carnahan had misappropriated $169,500 from his former firm’s customer. FINRA Letter of Acceptance, Waiver, and Consent No. 2015044908301 (May 1, 2015).

According to the Letter of Acceptance, Waiver, and Consent (“AWC”), Carnahan had stolen roughly $169,500 from one of his firm’s customers via causing monetary transfers to be executed on 5 different occasions from the brokerage account of the customer to an account at the firm’s affiliated bank. The AWC noted that Carnahan had instructed the client to withdraw the money from her bank account and obtain cashier’s checks (ultimately provided to Carnahan) for what Carnahan described as investment opportunities.

Unbeknownst to the client, Carnahan took the cashiers checks and defrauded the client by having the checks re-issued as payable to Carnahan and a minimum of 13 of Carnahan’s other customers who previously suffered investment losses. Carnahan, according to the AWC, utilized the remainder of money not paid to his other customers for his personal benefit. FINRA found that Carnahan’s conduct was violative of FINRA Rules 2010 and 2150.

FINRA, according to Rule 2150, prohibits individuals associated with a FINRA member firm from improperly utilizing a customer’s funds or securities. Additionally, FINRA requires individuals to observe high standards of commercial honor and just and equitable principles of trade in connection with their business, according to FINRA Rule 2010.

Public disclosure records reveal that prior to Carnahan’s permanent bar from FINRA on May 1, 2015, Carnahan was fired from Huntington Investment Company on March 17, 2015, for misappropriating client funds.

Pubic disclosure records via FINRA’s BrokerCheck also reveal that Bryan Carnahan has been subject to 3 customer disputes. On October 21, 2002, Carnahan settled a customer dispute for $18,357.60 after a client alleged that he misled her concerning product features and principle guarantees associated with a variable annuity, where such client received compensation for market loss, interest, and surrender charges incurred in connection with terminating the policy. On January 20, 2012, Carnahan settled a customer dispute for $2,925.00 after a client alleged being scammed, a victim of misrepresentation, and that Carnahan had failured to disclose the type of account and applicable fees she was subject to.

Guiliano Law Group

If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esq., and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website