A former broker with Huntington Bank was expelled from the brokerage industry earlier this month for stealing nearly $170,000 from a customer's brokerage account to cover investment losses in other customers' accounts.
Bryan Carnahan, a registered rep with Huntington in Hilliard, Ohio, allegedly caused fund transfers of about $169,500 to be made from the customer's brokerage account to her bank account at Huntington. FINRA claims that he then instructed the customer to withdraw the funds from her bank account and obtain cashier's checks for purported investment opportunities.
According to FINRA, Carnahan had the cashier's check re-issued in the form of multiple checks payable to his own accounts and to the accounts of at least 13 customers who had suffered investment losses. He allegedly deposited roughly $149,000 into customer accounts and pocketed the rest for himself.
The misappropriation of funds occurred between September 2013 and March 2015, FINRA said.
Carnahan did not respond to an email sent to him via BrightScope Advisor Pages, an online directory for financial advisors. He could not otherwise be reached for comment. In his settlement with FINRA, Carnahan neither denied nor admitted the allegations but consented to an entry of FINRA's findings.
Carnahan was discharged from Huntington in March. He had been employed with the bank's brokerage unit since December 1998, according to his BrokerCheck report.
Maureen Brown, a spokesperson for Huntington Bank, declined to comment, saying only that the bank cooperated fully with FINRA.
- Broker Who Faked Disappearance Barred From Industry
- Ex Bank Advisor Booted From Brokerage Industry
- SEC Charges Former J.P. Morgan Advisor With Looting $20M From Customers
- Broker Lost at Sea? No, Just Dodging FINRA Complaint
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access