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.
Rex Securities Law
Florida-561 391 1900