Updated: February 2025 (Las Vegas, NV)
National securities fraud lawyers at Patil Law P.C. are investigating current NYLIFE Securities LLC broker Dennis R. Carter (CRD #6216944) regarding allegations of facilitating a fraudulent tax minimization scheme involving trusts and life insurance policies. The investigation stems from a recently filed federal lawsuit in Colorado alleging serious misconduct in the handling of variable universal life insurance policies.
Critical Insights About Las Vegas Financial Advisor Dennis Carter
- Advisor Name: Dennis R. Carter
- CRD: 6216944
- Location: Las Vegas, NV
- Current Employer: NYLIFE Securities LLC
- Classification: Registered Representative
- Primary Location: 1700 S. Pavilion Center Dr., Suite 450, Las Vegas, NV 89135
- Can Dennis Carter be sued in FINRA arbitration: Yes
- Customer Disputes: One pending federal lawsuit
- Current Registrations: Licensed in 9 states
- Years of Experience: Since 2014
- Current Status: Active with NYLIFE Securities LLC
Details Of Current Investigation
A federal lawsuit filed in November 2024 alleges:
- Implementation of a fraudulent tax minimization scheme
- Misuse of charitable planning trust strategies
- Improper sale of variable universal life insurance policies
- Damages amount seeking disgorgement of all fees and costs
- Potential violations of securities regulations
- Case filed in US District Court for District of Colorado
- Case Number: 1:24-cv-03054
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Trust planning practices
- Insurance product recommendations
- Tax strategy implementations
- Disclosure adequacy
- Sales practice compliance
- Client best interest obligations
- Risk disclosure procedures
Regulatory Framework And Investor Protection
SEC Regulation Best Interest requires:
- Full disclosure of all material facts
- Adequate risk explanations
- Suitable investment recommendations
- Client best interest prioritization
- Proper documentation
- Clear fee disclosures
FINRA Rules And Their Significance
FINRA Rule 2111 mandates:
- Suitable investment recommendations
- Proper client risk assessment
- Adequate due diligence
- Clear documentation
- Appropriate disclosures
Professional Background
Mr. Carter’s career includes:
- Entry into securities industry in 2014
- Limited securities licenses (Series 6, 63)
- Focus on insurance and investment products
- Multiple state registrations
- Continuous employment with NYLIFE Securities
- Additional insurance brokerage activities
Red Flags For Investors
- Complex tax strategy allegations
- Trust structure concerns
- Variable life insurance sales practices
- Pending federal litigation
- Limited securities licensing
- Insurance product focus
- Tax minimization schemes
- Trust implementation issues
Implications For Current And Former Clients
Current and former clients should:
- Review all trust documents
- Examine insurance policies
- Verify tax strategy implementations
- Check account statements
- Document all communications
- Assess fee structures
- Review risk disclosures
- Evaluate investment objectives
- Consider independent review
- Monitor pending litigation
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about trust strategies, insurance policies, or tax minimization schemes implemented by Mr. Carter, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
