(FINRA Case #2016049628301)
Thomas Alan Meier (CRD #1146044, Miami, Florida) – An AWC (Accept, Waiver & Consent) was issued in which Meier was barred from association with any FINRA member in all capacities.
Without admitting or denying the findings, Meier consented to the sanction and to the entry of findings that he effected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers.
The findings stated that none of the eight accounts were discretionary accounts and Meier did not have discussions with the customers about the trades prior to the transactions and did not obtain the customers’ authorization prior to executing any of the transactions. Meier received approximately $265,000 in commissions for those transactions. Two of the customers realized losses of approximately $78,000. In addition, there were unrealized losses in the accounts.
To date, Meier’s member firm has paid a total of approximately $1,087,610 to five of the customers in connection with complaints about Meier.
The findings also stated that Meier exercised discretion in five accounts belonging to four separate customers. None of the customers gave Meier written authorization to exercise discretion in their accounts, and the firm had not accepted any of the accounts as discretionary. None of the transactions were designated as discretionary in the firm’s system.
The four customers suffered unrealized losses in their accounts totaling approximately $1.4 million. In addition, one of the customers realized a loss of approximately $120,000 and another realized a net loss of approximately $520,000. There were also unrealized losses in the accounts.
To date, the firm has paid a total of approximately $1,078,828 to three of the customers in connection with complaints about Meier.
The findings also included that Meier made inaccurate statements on four annual compliance questionnaires that he did not have any accounts in which business was transacted on a discretionary basis.
Meier was employed by Morgan Stanley (CRD# 149777) in Miami Florida from June. 2009 until April 2016. Between March 2016 until October 2017 has had 14 settled customer disputes through FINRA.
If you are an investor that lost money with Thomas Alan Meier or any broker you should consider all legal options. If you wish to discuss your particular situation and the potential for the recovery of your investment losses, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a FREE EVALUATION of your potential case.