Category Archives: Unauthorized Trading

Broker borrowing Money from customer, Failure to Supervise, Finra Investigation of Stockbroker, Unauthorized Trading, Wells Fargo

J. Gordon Cloutier, Jr.-Former Wells Fargo Broker-Barred From Securities Industry-Frisco, TX

October 2018-Frisco, Texas

According to publicly available records J. Gordon Cloutier, Jr.   ,  a  former stockbroker who was last registered with Wells Fargo Advisors disclose two regulatory events, a prior customer dispute and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 9/2018 Cloutier was permanently barred from the securities industry by FINRA for failing to appear and provide testimony in a FINRA investigation into whether he asked a client for a personal loan and failure to obtain client authorization prior to attempting a trade.

In 9/2016 Cloutier was discharged by Wells Fargo Advisors who allege: “registered representative asked a client for a personal loan. He also did not confirm authorization the same day with this client before attempting a trade.”

J. G. Cloutier, Jr.  was employed with Wells Fargo Advisors  from 4/2009-10/2016.

If you have questions about an investment account handled by J. Gordon Cloutier, Jr. , contact us for a no charge consultation to learn about your legal options for recovery of losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Concentrated Positions, Discretionary Trading, Failure to Supervise, FINRA, Morgan Stanley, StockBroker Misconduct, Unauthorized Trading, Unsuitable Investments

Thomas Meier – Former Morgan Stanley Broker- Discloses 14 Customer Disputes- Miami, FL

September 2018 – Miami, FL

According to publicly available records Thomas Alan Meier  (CRD#1146044) ,  a  former stockbroker who was last registered with Morgan Stanley,  disclose a Regulatory Event and 14 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Thomas Meier Barred From Securities Industry

In March of 2018, without admitting or denying the findings, Meier consented to the entry findings that he effected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers.    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.   One of the customers realized a loss of approximately $120,000 and another realized a net loss of approximately $520,000.      Meier has been permanently barred from the securities industry as a result of these findings.

Numerous Settlements with Customers, Including: 

In December 2016 , two  Morgan Stanley customers alleged that Meier over concentrated their accounts in energy investments.   One case was settled for $80,000 and the other was settled for $65,000.

In January of 2017, a customer with Morgan Stanley alleged breach of fiduciary duty and negligence with regard to the handling of their accounts.    The case was settled for $450,000.

In December  2016, a Morgan Stanley customer alleged damages of $1,000,000 after Meier made unsuitable recommendations and traded the account to generate commissions.    The case was settled for $250,000.

In August 2016, a Morgan Stanley customer alleged breach of fiduciary duty and negligence with regard to the handling of their account.   The case was settled for $300,000.

In September of 2016, a Morgan Stanley customer alleged that Financial Advisor placed unauthorized trades and excessively traded her account between 2012-2016.   Her case settled for $366,577.

In March of 2016, another Morgan Stanley customer alleged misrepresentation related to their investments and liquidity from 2013-2016.   Their case settled for $497,245.

Other cases filed from March 2016 until October of 2016 by Morgan Stanley customers alleging, inter alia, “unauthorized trading, risky investments, breach of fiduciary duty, negligence, unsuitability, excessive trading and misrepresentation” were settled for the amounts of:  $49,999, $37,610, $60,000, $90,000, $40,580, $50,000 and $215,000.

Thomas Meier worked for Morgan Stanley from 6/2009-4/2016.

If you have questions about an investment account handled by Thomas Meier, contact us for a no charge consultation to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

LPL Financial, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading

Scott D. Williams-Former LPL / Raymond James Broker- Discloses Termination For Discretionary Trading- Franklin, TN

August 2018 – Franklin, TN

The FINRA records of Scott Douglas Williams, a broker who is not currently registered as a broker,  disclose  that in July 2018, he  was discharged from LPL Financial.  In connection with the termination,LPL Financial alleged that Williams “violated the firm policy regarding discretion”.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Discretionary Trading is when a broker makes the trades in a customer’s account without first consulting with the customer. Generally a firm requires that a written agreement be in place in which the customer agrees to permit the broker to trade without consulting with the customer first.

Williams was employed by LPL Financial from 2/2017-8/2018. Prior to that Williams was employed by Raymond James from 1/2011-2/2017.

If you have losses in an account  handled by Scott Douglas Williams , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Ameriprise Financial, JHS Capital Advisors, Unauthorized Trading, Unsuitable Investments

Michael J. Pepe-Ameriprise Broker-Subject of $750,000 Customer Suit-Tampa, FL

August 2018-Tampa, Florida

The FINRA records of  Michael J. Pepe,  a  stock broker who is currently employed by Ameriprise Financial Services ,  disclose a recently filed customer dispute.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA Case 18-1785   a customer of Ameriprise and Pepe’s prior employer JHS Capital Advisors alleges the Pepe engaged in unauthorized trading in unsuitable securities and seeks damages of $750,000.

Michael Pepe discloses prior six figure settlements with customers who alleged unsuitable and unauthorized trading in their accounts.

Pepe has been employed with Ameriprise since 8/2015. He was employed by JHS Capital Advisors from 3/2010-8/2015.

If you have losses in an account handled by Michael Pepe call for a no charge consultation to discuss your legal options for recovery.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870