Frank Carter Allegedly Misrepresented Short Selling Strategy 

Frank Carter (CRD #: 2259658), a broker registered with Wells Fargo Clearing Services, is facing allegations that he misrepresented short selling. This disclosure appears in his BrokerCheck record, accessed on July 21, 2023. 

On May 25, 2023, investors alleged that Frank Carter misrepresented the risk of loss involved with short-selling shares of stock. 

What is Short Selling? 

Short selling is a type of speculative trading that aims to make money from a decline in a stock’s price. It is a risky strategy that is not suitable for many investors. 

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments. It also prohibits the omission of material facts such as an investment’s potential returns, risks, or limitations. Failing to accurately describe an investment’s risks for losses may violate FINRA Rule 2020. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2020 may also violate FINRA Rule 2010.

Background Information 

Frank Carter has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 3 National Commodity Futures Examination 
• Series 7 General Securities Representative Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 
• Series 9 General Securities Sales Supervisor 
• Series 8 General Securities Sales Supervisor Examination (Options Module & General Module) 

He is a registered broker in 25 states and is a registered investment adviser in Florida and Georgia. 

Besides Wells Fargo Clearing Services (CRD #: 19616), Frank Carter has also registered with A.G. Edwards & Sons (CRD #: 4). 

Kurta Law Can Help

If you worked with Frank Carter and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.