FINRA Bars Former Morgan Stanley Broker for Unauthorized Transactions

Posted on March 27th, 2018 at 9:59 AM
FINRA Bars Former Morgan Stanley Broker for Unauthorized Transactions

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has barred former Morgan Stanley, Thomas Alan Meier of Miami, Florida who allegedly made over 1,200 unauthorized trades in customer accounts during a 3.5-year period.

According to FINRA, Mr. Meier made the unauthorized stock trades in six customer accounts, yielding him commissions of approximately $265,000. As a result, Mr. Meier’s customers lost $818,000, plus more than $2 million in unrealized losses.

Without admitting or denying the findings, Mr. Meier accepted a bar in the industry. Prior to accepting a bar, Mr. Meier had been in the industry for 32 years.

To date, Morgan Stanley has paid $2.5 million to settle 13 out of the 14 customer complaints stemming from Mr. Meier’s unauthorized trading activities. 

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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