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

Contact Us for a Free Case Evaluation

Call us today at (720) 599-3505 or (206) 795-5798

or fill out our contact form to learn more about your rights. We have experience representing Michigan investors and are ready to help you recover what you deserve.

LAUDERDALE BY THE SEA, FLORIDA Are you a former customer of Lawrence Roger Rice, formerly with Centaurus Financial, in Lauderdale by the Sea, Florida? FINRA’s BrokerCheck Report (linked below) shows that he was “permitted to resign” by the brokerage firm in February 2024. He had been licensed with Centaurus Financial since October 2022, as well as Cetera Advisors and First Allied Securities prior to that.

The BrokerCheck Report reveals that Centaurus Financial terminated Mr. Rice after he failed to timely disclose a civil action filed against him. FINRA then barred him from the securities industry after failing to respond to the investigation.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Seattle, and Phoenix. Attorney David Neuman is licensed to practice law in Florida. We represent investors all over the country, including investors in Florida.

View FINRA AWC here View BrokerCheck Report here

If you lost money with Lawrence Roger Rice or Centaurus Financial, please Contact Us at 206-795-5798 for a free evaluation of your case.

COEUR D’ALENE, IDAHO Did you invest with financial advisor John Marcheso, currently affiliated with Centaurus Financial in Coeur D’Alene, Idaho? According to BrokerCheck, Marcheso has been the subject of four customer complaints filed within the last four years. The complaints make allegations regarding investments in oil and gas investments and real estate investments.

The most recent complaint was made in December 2023, alleging losses in illiquid real estate investments. The case is still pending with FINRA arbitration.

John Marcheso has been licensed with Centaurus Financial from 2000 to the present. He works in offices in Coeur D’Alene and Rathdrum, Idaho

The securities and investment fraud law firm of Israels & Neuman has offices in Denver, Seattle, Phoenix, and Ann Arbor, and we regularly represent investors in Idaho and eastern Washington. We also have previously represented numerous investors against countless securities brokerage firms around the country, including against Centaurus Financial.

View BrokerCheck Report HERE.

If you lost money with John Marcheso or Centaurus Financial, please Contact Us at 206-795-5798 for a free evaluation of your case.