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Carter Financial Consulting: Involved in a Theft of $6.15 Million? Exposed by the Clients! (Update 2024)

carter financial consulting
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Carter Financial Consulting's owner is a scammer who stole more than $6.5 million from his customers. Learn more on Gripeo.

The owner of Carter Financial Consulting pled guilty to stealing more than $6.5 million from its clients.

Before you do business with this company, be sure to read about their criminal history.

Before we get started with this review
Such posts are made possible by the collective efforts of our contributors. If you can provide any kind of insight into Carter Financial Consulting or a similar company/individual, then share your information with us using our secured form.

You can help us put a stop to online scams before they grow too big and end-up ruining thousands of lives. A scam is a scam, doesn’t matter if it’s big or small. Now that this is out of the way, let’s get started with the review.

The following review will help you learn more:

Carter Financial consulting
Michael Barry Carter is the owner of Carter Financial Consulting

About Carter Financial Consulting, LLC 

Carter Financial Consulting, LLC is an accounting firm that uses a thoughtful and creative approach to all services so as not to interfere with your everyday routine. They assert that their focus is on your talents, thus their job is to provide a transparent accounting system that will let you perform the task you want to do. It asserts that it helps its clients comprehend their objectives and business.

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About Michael Barry Carter (The Owner of Carter Financial Consulting)

The owner of Carter Financial Consulting, LLC is Cater. Early in 2016, he came up with the first concept for Carter Financial Consulting, LLC. He then began to develop the concept based on interactions with clients and after completing a number of interesting projects. His skills from the military and the firms he worked in eventually began to overlap. In 2019, he switched to full-time management.

carter financial consulting llc
Michael Carter (the owner of Carter Financial Consulting)

As per the District of Maryland’s U.S. Attorney’s office, after the SEC filed parallel charges in July 2020 for stealing roughly $6.15 million from brokerage customers and an elderly client of an investment where he was found guilty, Michael Barry Carter, a former financial advisor for Morgan Stanley, was apprehended and given a five-year term.

Our Methodology

We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.

All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.

These reports are made possible by the collective efforts of contributors like you. If you would like to become a contributor then contact us here.

30/11/2023 Update
As of now, Carter Financial Consulting has not responded, nor has it apologized for its misdeeds. They have ignored our efforts to highlight the problems faced by their victims. Furthermore, they have only focused on propagating their fake PR.

The SEC claims that several of the victims were people who knew Carter well and trusted him. Carter allegedly used fake internal documents as part of his scheme to wire over 60 unauthorized cash transfers from the customers’ and clients’ accounts to his personal bank account at a separate financial institution. The SEC then asserts that Carter provided investors with false account statements in an effort to conceal his criminal activity from them. Carter transmitted the actual amount statement and other correspondence to fictitious email accounts or controlled post office boxes.

All of the funds from Carter Financial Consulting, LLC were used by Michael Barry Carter to support his own lifestyle, which included paying for a house, a flashy car, and hundreds of thousands of dollars in credit card debt and cash withdrawals. Carter was in charge of his financial advisory customers’ families as well as his brokerage clients’, according to Marc P. Berger, Director of the SEC’s New York Regional Office.

The SEC filed a case with the U.S. District Court for the District of Maryland alleging that Carter had violated the Investment Advisers Act of 1940 and the Securities Exchange Act of 1934’s antifraud provisions. The SEC is requesting a civil fine, the recovery of allegedly illegally earned gain, plus prejudgment interest.

The allegations state that “MIKE” Carter, meanwhile, is suspected of fabricating internal forms between October 2007 and May 2019 in order to make 60 unlawful transfers from customer accounts. Before briefly working at Ameriprise, Carter allegedly had connections to Morgan Stanley from 2009 to 2011. From 2011 until July 2019, when, in accordance with his FINRA Broker Profile, he was dismissed for “allegations of theft of customer assets”. With Morgan Stanley in Mclean, Carter was once more registered.

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If you have been scammed by Carter Financial Consulting, then you can get justice by sharing your complaint with us. We will connect with you experts and journalists who will help you get your money back and get heard by the right people.
It is strongly suggested that you do your own research before spending money online. This is a user-generated report.


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As part of his plea agreement, Carter allegedly admitted stealing more than $50,000 from a non-profit sports organization, according to the Attorney’s office. The press said that Carter paid his home, credit card bills, and country club dues with all the money taken from his customer.

The most similar net proceeds Carter has received from the scam are a $4.36 million money judgment, which Carter will also be required to pay. The news reported that Carter paid back the non-profits after realizing his fraud had been uncovered, however, some papers claim he had already distributed $1.79 million to his victims.

The term Financial Advisor refers to:

A financial advisor is a financial planning executive. Suppose you have a goal of retiring in 20 years or sending your child to a private university in 10 years. To achieve these goals, you may require the assistance of a licensed and skilled professional who can help turn your plans into reality. This is where a financial advisor can be of great help.

Michael Barry Carter, the owner of Carter Financial Consulting, LLC, is accused of many offenses

If you have sensitive information or have had a personal experience with Carter Financial Consulting but want to stay anonymous, then submit it using our secured form. You can connect with our expert contributors and help in finding the truth. We never share your information with 3rd parties.

The allegations against Michael Barry Carter are as follows:

  • In July 2019, Morgan Stanley fired Michael Barry Carter, the founder of Carter Financial Consulting, LLC, following claims that he had swindled money from clients.
  • In September 2019, Carter was accused by a customer’s power of attorney of opening an online liquidity access line without authorization. The POA for the clients states that Carter reportedly withdrew money from the account without authorization. The settlement amount for the lawsuit’s damages was $1,329,558.
  • In September 2019, Carter was charged with taking money from another customer’s account without authorization. In this litigation, a settlement worth $676,174 was achieved.

Why is this Essential?

Stealing a customer’s money is one of the most terrible and dishonest abuses of power a broker can commit against an investment. Misappropriation occurs when a securities broker uses an investor’s funds for purposes other than those that were first discussed and agreed upon. 

To do this, the broker may transfer the funds to their personal account for personal use or invest them in assets other than those that were originally planned. The investor’s money has been taken, regardless of how it was spent. Investors had confidence in the broken, but that confidence had been damaged.
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Filing of a Complaint Against Carter Financial Consulting

The White Law Group is investigating whether his former employers are accountable for failing to appropriately monitor Michael Barry Carter because he may have engaged in a security scam. The brokerage firm they are working with may be liable for investment loss if the brokerage firms cease to monitor the business activities of their employees.
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 Brokerage firms may also be held legally liable for investment losses due to negligent supervision of their employees’ delinquencies if they abuse client accounts and engage in transactions that violate securities laws, such as making fraudulent claims. A nationwide securities fraud, securities arbitration, investor protection, and securities rules and regulations/company law practice, The White Law Group, LLC with offices in Chicago, Illinois.

How online scammers manipulate you
Show “Relatable & Hopeful” Ad/ Cold Call
Online scammers often run ads on social media platforms and search engines such as YouTube, Instagram, Facebook, and Google. They might target a specific audience which depends up on the kind of scam. Online scammers invest a lot of money in marketing and branding, this is to ensure more people fall prey to their schemes. A relatable and hope-giving ad is shown to the target audience. And if you click on such ads, you will be redirected to a landing page where the next step of the scam takes place. By the way, if you click away from the landing page, chances are you will see the ads even more, as you become part of their “retargeting campaign”.

Sometimes the scammers directly cold call you, which is a common practice in offshore forex scams.
Schedule A Meeting With An “Expert”
Once you fill in the details required on the landing page, which usually include your name, email, income, and goals, you are prompted to schedule a “free” consultation call. This call is usually with a self-proclaimed “expert” while in reality, they are usually manipulative salespersons. You will schedule it through a calender app which makes it feel very legitimate and gains your trust. In the call, they will read a tested script where they will show you testimonials/screenshots of other “students” or “investors” who have made a lot of money. In reality, this is not solid proof and should be taken with a grain of salt. At the end of the call, you will be asked to make a financial commitment, such as purchasing their course or investing in their scheme.
Taking Money
Once the victim is convinced they are prompted to make a purchase or an investment. The amount of money will depend on the scale of the scam but it usually ranges from $3000-10,000 for fake guru scams and $20k-50k for forex scams.
Upsell The Victim
Once the scammers convince you to give them money, they gaslight you until your pockets are empty. They might entice you with increased profits or more reach or even an “opportunity of a lifetime”. This tactic works more often than you might expect and online scammers make a lot of money doing so.
Don’t Refund
After paying thousands of dollars, the victim might realize that they have made a mistake and ask for a refund. Usually, the scammers start ghosting the victim and block all contact. Sometimes scammers also gaslight the victim into thinking that they are actually better off without fighting for a refund.
Optional: Delete Complaints From BBB, Trustpilot & YouTube
The victim might try to file a complaint online and save others from falling victim, however, online platforms such as BBB, Trustpilot & Sitejabber have repeatedly received complaints alleging the deletion of reviews. So even when they try, victims are silenced and give up in a few weeks. That’s where we come in.

Conclusion

The story suggests that before making any type form of investment, carefully read all the documents. Because of this, if you or someone you know suffered financial losses as a result of any motive, move, or suggestion made by Michael Barry Carter of the former Morgan Stanley in McLean, Virginia, you can discuss your losses or gains with any knowledgeable security lawyer.

 Brokerage firms should monitor their employees, and if an employee commits a crime while serving as a corporate representative, the company may be held responsible for any losses incurred as a result of the employee’s negligence or fraud.

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Carter Financial Consulting: Involved in a Theft of $6.15 Million? Exposed by the Clients! (Update 2024)
Carter Financial Consulting: Involved in a Theft of $6.15 Million? Exposed by the Clients! (Update 2024)

13 Comments
Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. This man is a full scammer, I have seen many employees who first learn the basics and then start scamming the company like Barry.

  2. Avoid investing with Carter Financial Consulting if you want to keep your money safe.

  3. The companies are making big mistakes after promoting these scammers to higher positions, then regretting the promotion afterward. He had scammed hundreds of users and scammed a lot of money.

  4. This man-made thousand of dollars after swindling money from their clients only, and the company is unaware of this scammer.

  5. The employment should be done after checking their previous records.

  6. Owner would be feeling ashamed for hiring such a fraudulent person for the company, his notoriety made the company feel ashamed. Their users felt cheated.

  7. Morgan took the exact step after firing Barry, he did the most insulting thing for the company.

  8. This man is an experienced fraudster.

  9. The company needs to restrict their employees from making advanced steps for committing fraud, which can lead to demolishing the popularity of the company and the investors would never invest with these fraudulent companies.

  10. The employees are also making these scams. The company needs to keep a check on these scammers.

  11. Don’t think of making them popular after posting positive reviews under the article, they are real culprits and famous for their notoriety.

  12. make them exposed for their crime, the reason is clear if they will not be exposed at the right moment they will continue their evil mindset and keep scamming other users.

  13. He stole $50,000 from the sports organization and he was not exposed, this is not fair.

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