Haselkorn & Thibaut, P.A., operating as Investment Fraud Lawyers, has officially opened an investigation into William Carlton, a former financial advisor based in the United States, whose past affiliations include Carlton Wealth Management, First Allied Advisory Services, Inc., Cetera Advisors, and Cetera Investment Advisers LLC. The extensive criminal and regulatory findings regarding Mr. Carlton’s conduct raise serious concerns for investors, especially those who may have suffered losses without realizing the true source. Our attorneys bring more than 95 years of combined securities law experience and have aggressively fought for individual investors, securing recoveries in more than 98% of investor claims and handling over $520 million in securities matters.
For investors who previously trusted Mr. Carlton with their assets, this report serves as both a comprehensive review and a direct invitation: You may still have a pathway to recover your funds. If you or someone you know were a client of William Carlton between 2015 and 2023, we urge you to contact us for a free and confidential case evaluation at 1-888-885-7162.
Summary Table: William Carlton and Affiliated Firms
Table of Contents
| Field | Value |
|---|---|
| Advisor Name | William Carlton |
| Advisor’s CRM | Carlton Wealth Management; First Allied Advisory Services, Inc. |
| Broker-Dealer | Cetera Advisors; Cetera Investment Advisers LLC; First Allied Advisory Services, Inc. |
What Happened? An Insider’s Outline of Investment Fraud Concerns
William Carlton recently pleaded guilty in federal court to securities fraud conspiracy and falsifying books and records, following a multi-year investigation by the SEC and the U.S. Department of Justice. From at least January 2015 through August 2022, authorities allege that Carlton engaged in an insidious scheme known as “cherry picking”: he purportedly purchased stocks in his personal trading accounts, waited to see their performance during the day, and then kept the profitable trades for himself while assigning the losing trades to client accounts.
As reflected in the Justice Department’s public filings, the data is stark:
- Approximately 70% of trades in Carlton’s own accounts had same-day gains.
- Roughly 84% of trades assigned to client accounts had same-day losses.
Through this practice, Mr. Carlton is believed to have generated over $6 million in illicit gains at the expense of his clients. Despite these criminal admissions, the total losses per investor remain undetermined without individual review.
Regulatory and Broker-Dealer Red Flags
- December 2023: Cetera Advisors and Cetera Investment Advisers LLC terminated William Carlton for violations of firm policies after internal and external probes revealed irregular trading patterns.
- January 2024: Federal prosecutors filed criminal charges, and Mr. Carlton pleaded guilty to securities fraud and falsification of records.
- 2024 SEC Settlements: Both First Allied Advisory Services, Inc. and Cetera Investment Advisers LLC agreed to settlements tied to supervisory and compliance failures related to Carlton’s trade allocations. These firms neither admitted nor denied wrongdoing, but their involvement highlights significant oversight concerns.
- Ongoing SEC Inquiries: Federal authorities continue to scrutinize trading supervision and allocation practices at the implicated firms.
For detailed regulatory disclosures, visit FINRA BrokerCheck.
Direct Complaints and Customer Harm: What Investors Reported
Public records show a troubling pattern of investor complaints against William Carlton, some resolved and others still pending:
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Complaint #1 (Received 05/11/2021):
- Allegation: Unauthorized trading and unsuitable recommendations.
- Claimed Losses: $75,000.
- Resolution: $10,000 paid in settlement.
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Complaint #2 (Received 08/20/2022):
- Allegation: Excessive trading (churning), resulting in alleged $100,000 erosion of account value.
- Resolution: Pending as of last update.
It is critical to understand that these public complaints may reflect only a small fraction of the clients potentially affected by the misconduct. Many investors remain unaware that they were systematically assigned losing trades, highlighting the need for experienced review and forensic analysis.
Why Many Investors Missed the Red Flags
The fraudulent nature of Carlton’s alleged activity made it exceedingly difficult for clients to notice the problem. Monthly statements usually list only the securities purchased, without disclosing how trades were allocated or whether profitable trades were withheld. This lack of transparency helps explain why affected investors may have attributed repeated losses to bad luck or market conditions when, in reality, they may have resulted from deliberate misconduct.
Determining the full impact requires a detailed analysis of trade allocation records and account-specific data far beyond what most investors receive from their broker-dealer.
What Sets Our Firm Apart in Fighting This Type of Fraud
Our firm consists of former Wall Street defense attorneys who now leverage true insider knowledge to advocate for injured investors. We have obtained top 2% peer-reviewed recognition (Martindale-Hubbell AV Preeminent), are Super Lawyers-designated, and maintain an exceptional 5.0-star client review record. Most importantly, our No recovery, no fee policy means you pay no attorney’s fees unless we recover your losses.
If William Carlton managed your investments at Carlton Wealth Management, First Allied, or Cetera between 2015 and 2023, your account warrants a closer look. A criminal guilty plea does not define your exact damages, and each claim must be evaluated on its own facts. Our experience investigating this advisor and handling claims involving cherry picking means we know the precise questions to ask and the types of records to demand.
How to Start Your Recovery Process
Whether you noticed years of unexplained portfolio losses or only recently learned about William Carlton’s guilty plea, you do not have to navigate this alone. Our attorneys offer a free, confidential review to determine the specifics of your losses, identify potential recovery avenues, and advocate aggressively on your behalf.
- Results-Driven Representation: Over 98% of our clients recover funds for investment losses.
- Insider Experience: Decades spent on Wall Street give us a strategic edge in investigating complex fraud.
- Personalized Attention: Every case receives individualized review; we do not operate as a volume-based practice.
If you invested with William Carlton at Carlton Wealth Management, First Allied Advisory Services, Inc., Cetera Advisors, or Cetera Investment Advisers LLC, call us now at 1-888-885-7162 for a free consultation.
Your recovery begins with a true advocate by your side. Let us apply our insider knowledge and proven experience to fight for the restoration of your losses.
