Allegations Against Patrick Michael Carroll and his Suspension

FINRA investigated Mr. Carroll regarding allegations that he recommended variable annuity exchanges that caused clients to incur surrender fees across 88 annuity exchanges.  FINRA alleged that “although Carroll documented the amount of the surrender fees each customer paid and the bonuses they would receive, he failed to reasonably consider and document the impact of surrender fees on the suitability of the exchange and, relatedly, whether, and to what extent, the customers would benefit from the bonus-share’s increased fees and surrender period given the amount of surrender fees they paid and the bonus amount they received”. He also allegedly failed to disclose federal tax liens against him.

To settle these allegations, Carroll agreed to a twelve-month suspension and a $10,000 fine. 

Background on Patrick Michael Carroll

Patrick Carroll has been licensed with Centaurus Financial from 2006 to the present at a Cadillac, Michigan office.  He was also the subject of a 2017 customer complaint which settled.

Can Centaurus Financial and Northwestern Mutual Be Responsible for Carroll’s Conduct?

Under FINRA Rule 3110, broker-dealers like Centaurus Financial and Northwestern Mutual must reasonably supervise the activity of their advisors.  The firms could be responsible for investor losses if it failed to reasonably supervise them.

Israels & Neuman Helps Investors Recover Their Money in Michigan

We represent investors throughout the United States as well as Michigan, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  Attorney Aaron Israels is licensed to practice law in Michigan, and we have offices in Ann Arbor and Grand Rapids.  If you were a client of Patrick Michael Carroll and believe your financial advisor acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Carroll’s BrokerCheck Report
• View Carroll’s FINRA AWC

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