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.
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