Patrick Carroll Investigated by FINRA

Patrick Carroll (CRD #: 2676119), a broker registered with Centaurus Financial, was the subject of a FINRA investigation, according to his BrokerCheck record, accessed on June 15, 2025. Keep reading for more details about his alleged conduct as a broker.

FINRA Investigation

On May 12, 2025, FINRA made a preliminary determination recommending disciplinary action be brought against Patrick Carroll, alleging that he made unsuitable variable annuity exchange transactions in violation of FINRA Rules 2330(b), 2111 and 2010.

FINRA further alleged that he failed to disclose IRS tax liens in a timely manner, in violation of FINRA Rules 1122 and 2010 and Article V, Section 2(c) of FINRA’s By-Laws.

FINRA Rule 2330

FINRA Rule 2330 requires brokers to have a reasonable basis to believe that their recommendation of a variable annuity purchase or exchange will be suitable for investors. 

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that suit an investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their risk tolerance, age, tax status, and investing experience.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 1122

FINRA Rule 1122 requires brokers to keep their membership and registration documentation up-to-date and to correct any inaccuracies or misleading information in a timely manner.

Article V, Section 2(c) of FINRA’s By-Laws

Article V, Section 2(c) of FINRA’s By-Laws requires brokers to keep their application for registration up-to-date and to amend it within 30 days of learning the facts requiring an amendment.

Background Information

Patrick Carroll has passed the following exams:

• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Investment Company Products/Variable Contracts Representative Examination – Series 6
• Uniform Investment Adviser Law Examination – Series 65
• Uniform Securities Agent State Law Examination – Series 63

Patrick Carroll is a registered broker in 14 states and a registered investment adviser in another 14 states.

He has also worked for the following firms:

• Legend Equities Corporation (CRD#:30999)
• American United Life Insurance Company (CRD#:1075)
• AUL Equity Sales Corporation (CRD#:4173) 

Kurta Law Can Help

If you worked with Patrick Carroll 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 that 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.