Los Angeles, CA – November 22, 2025 – Chetan Patil of Patil Law, P.C., a securities fraud attorney, is investigating Mark Allen Carter (CRD# 6387371), a former broker with Pruco Securities, LLC. According to FINRA records, Carter was suspended for nine months and fined $20,000 in connection with unsuitable options trading that resulted in customer losses exceeding $600,000. He also faces a settled customer complaint totaling $672,038.58 and a pending FINRA investigation.
In November 2025, FINRA issued a Letter of Acceptance, Waiver, and Consent (Case No. 2024081675801) finding that Carter willfully violated Regulation Best Interest when he recommended options trading that was not suitable for two retail customers, a married couple. According to FINRA’s findings, the customers’ investment objectives were capital appreciation with a long investment time horizon. Carter initially recommended and placed approximately 100 options trades for the customers. However, the volume of options trading increased significantly when he recommended and placed more than 2,200 options trades in the customers’ accounts between April and December 2023.
FINRA found that Carter’s options trading resulted in losses of over $600,000, representing 99% of the accounts’ value, while he received commissions of $6,773 for the trades. The trading activity resulted in annualized cost-to-equity ratios averaging 42%, meaning the customers had little chance of profiting or even breaking even from the trading strategy. The findings also state that Carter exercised discretion without prior written authorization when he executed 2,314 trades in the customers’ accounts. Although the customers orally authorized Carter to use discretion for “low risk” trading, his firm prohibited the exercise of discretion without written authorization. Carter placed the trades without speaking to the customers about them. Additionally, FINRA found that Carter mismarked the 2,314 solicited trades as unsolicited. After Carter self-disclosed his misconduct to Pruco Securities, the firm reimbursed the customers for their losses following their complaint. In November 2025, FINRA suspended Carter for nine months (December 1, 2025 through August 31, 2026), imposed a $20,000 fine, and ordered him to disgorge $6,773 in commissions, plus interest. Mr. Carter’s BrokerCheck report discloses one customer complaint. Filed in April 2024, it alleges that as a Pruco Securities representative, he engaged in unauthorized trading in several retirement accounts. The complaint alleged damages of $500,000 and settled in August 2024 for $672,038.58, paid entirely by Pruco Securities with no individual contribution from Carter. In February 2024, Carter voluntarily resigned from Pruco Securities after self-disclosing to the firm that he had engaged in unauthorized discretionary trading in client accounts, which resulted in losses to the clients. He also admitted to incorrectly submitting trade orders as “unsolicited.”
According to FINRA records, Mark Allen Carter has 11 years of experience in the securities industry. Previously based in Charlotte, North Carolina, he was registered with Pruco Securities, LLC from September 2014 to March 2024. He has no previous registrations. Carter holds the Certified Financial Planner (CFP) professional designation and has passed the Securities Industry Essentials Examination (SIE), the General Securities Representative Examination (Series 7), and the Uniform Combined State Law Examination (Series 66). Since leaving Pruco Securities, Carter has been employed as a Wealth Advisor with FOREFRONT in Austin, Texas (since September 2024) and as an Operations Associate with Point2 Capital Partners, LLC in Charlotte, North Carolina (since April 2024). He also operates as a partner in Carter Financial Group, an investment and wealth management firm. Carter is currently suspended by FINRA and is not registered with any broker-dealer.
Patil Law, P.C. is currently investigating claims on behalf of investors who suffered losses due to unsuitable options trading or unauthorized trading by Mark Carter. Our firm has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you. We represent individual investors and families nationwide. If you invested with Mark Carter and suffered losses related to his alleged unsuitable options trading or unauthorized discretionary trading, you may be entitled to compensation. However, time is limited—FINRA arbitration claims generally must be filed within six years of the incident.
Contact Patil Law, P.C. today at 800-950-6553 or email info@patillaw.com for a free case evaluation. Don’t let time run out on your right to recover your losses.
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
