FINRA Bars Former Morgan Stanley Broker Thomas Meier for unauthorized trades
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Miami advisor Thomas Meier for allegedly engaging in unauthorized trades in his clients’ accounts.
From July 2012 through March 2016, Meier, while registered with Morgan Stanley, allegedly made more than 1,000 unauthorized transactions in the accounts of six customers and, for four other customers, reportedly used discretion without written authorization and without the accounts being accepted as discretionary, according to FINRA.
Morgan Stanley reportedly filed an amended Forms U5 for Meier, disclosing 14 customer complaints, including two arbitration claims, between April 2016 and October 2017.
According to Meier’s broker report, allegations include unsuitability, over concentration in energy investments, negligence, and breach of fiduciary duty, among others. Morgan Stanley has settled 13 of the claims and paid the customers approximately $2.5 million.
According to his FINRA BrokerCheck report, Meier was registered with Morgan Stanley from June 2009 until he resigned in March 15, 2016 while the firm was reportedly reviewing his trading activity.
Free Consultation with a Securities Attorney
Brokerage firms are required to properly supervise all advisors they employ and to ensure that those advisors are complying with applicable FINRA rules and regulations.
If it can be demonstrated that Meier’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.
If you have questions about investments you made with Thomas Meier, the securities attorneys of The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at https://www.whitesecuritieslaw.com.