Michael Thomas Carl – Financial Advisor/Broker Michael Thomas Carl Barred by FINRA | Goodman & Nekvasil, P.A. May Recover Investor Losses
Michael Thomas Carl was a previously licensed financial advisor with Charles Schwab & Co. According to FINRA, Michael Thomas Carl was barred by FINRA in June 2021.
According to FINRA:
Carl consented to the sanction and to the entry of findings that he made improper use of his member firm’s funds by submitting altered invoices and fabricated emails to the firm, causing it to pay expenses in excess of $19,000 to vendors, on behalf of two of its advisory clients that were not entitled to have those expenses paid. The findings stated that the altered invoices and fabricated emails were submitted in order to cause the firm to pay vendors for purported consulting services provided to an advisory client when, in fact, no such services had been provided to the client. Carl wanted the firm to pay the vendors for services it had provided to the two advisory clients that did not have expense agreements with the firm. The findings also stated that Carl engaged in an undisclosed outside business activity (OBA) wherein he was a principal of a holding company that he used to rent his family’s vacation property. Carl later began using the company to provide consulting services to investment advisors, including clients of his firm. Carl solicited a firm advisory client to enter into a contract with the company. Part of the services the company agreed to provide was obtaining the best custodian for the client, a conflict of interest in that Carl’s job at the firm entailed, in part, attracting advisory clients to the firm’s custodial services. Similarly, Carl solicited another firm client to contract with the company. The proposed agreement, that was never executed, contained a confidentiality provision prohibiting it from being disclosed to the firm and conditioned favorable firm pricing if the client were to become a client of the company. Carl was compensated for his work for the company, including receiving more than $40,000. Carl failed to provide written notice to the firm of the company at any time, including when it began providing consulting services. In addition, Carl falsely answered “no” when asked on multiple annual firm compliance questionnaires if he had a disclosable OBA, including whether he had received compensation or had a reasonable expectation of compensation through a business activity outside of the firm.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Michael Thomas Carl and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Michael Thomas Carl’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $200 million on behalf of victimized investors. If you lost money on investments with Michael Thomas Carl and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 8/25/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.