Were you the victim of former Morgan Stanley financial advisor Thomas Meier (CRD# 1146044) due to unauthorized transactions and discretionary trading? Meier was registered with Morgan Stanley in Miami, Florida from 2009 to April 2016.
In March 2018, FINRA barred Meier after he consented to the sanction and to the entry of findings that he affected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers; none of the accounts were discretionary accounts. Due to these transactions, Meier received approximately $265,000 in commissions, and two of the customers realized losses of approximately $78,000, as well as unrealized losses. Morgan Stanley has paid a total of approximately $1,087,610 to five 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 which were discretionary accounts. The four customers suffered unrealized losses 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. In addition, there were 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.
Meier has been the subject of 14 customer complaints between 2016 and 2017, according to his CRD report:
- October 2017. “Claimants allege inter alia, unsuitability with respect to investments – 2012 to 2016.” The customer sought $250,000 in damages and the case was settled for $49,999.
- January 2017. “Clients allege, inter alia, breach of fiduciary duty and negligence with regard to the handling of their accounts from November 2012 through March 2016.” The case was settled for $450,000.
- December 2016. “Client alleges that her Financial Advisor over concentrated her account in energy related investments from approximately 2014 to 2016.” The case was settled for $65,000.
- December 2016. “Client alleges that her Financial Advisor over concentrated her account in energy related investments from approximately 2014 to 2016.” The case was settled for $80,000.
- December 2016. “Client alleges that, from 2006 to 2015, the FA made unsuitable recommendations and traded the account to generate commissions.” The customer sought $1 million in damages and the case was settled for $250,000.
- September 2016. “POA alleges, inter alia, that the investments purchased in the client’s account were unsuitable. 2010 – 2016 alleged damages unspecified.” The case was settled for $60,000.
- August 2016. “Clients allege, inter alia, breach of fiduciary duty and negligence with regard to the handling of their accounts from November 2012 through March 2016.” The customer sought $1 million in damages and the case was settled for $300,000.
- August 2016. “Client alleged that Financial Advisor placed unauthorized trades and made risky investments in their account between 2015 and 2016.” The case was settled for $37,610.
- August 2016. “Clients allege FA acted irresponsibly investing their funds causing them to lose money.” The case was settled for $90,000.
- April 2016. “Client alleges, inter alia, that her Financial Advisor made misrepresentations related to her investments from approximately 2013 to 2016.” The case was settled for $40,580.
- April 2016. “Client’s son alleges unauthorized trading – 2015. Damages unspecified.” The case was settled for $50,000.
- March 2016. “Client alleged that Financial Advisor placed unauthorized trades and excessively traded her account between 2012 and 2016.” The case was settled for $366,577.25.
- March 2016. “Client alleges misrepresentation with respect to investments – march 2012 – march 2016. Damages unspecified.” The case was settled for $215,000.
- March 2016. “Customers alleged, inter alia, that Financial Advisor made misrepresentation related to their investments and liquidity from approximately 2013 to 2016.” The case was settled for $497,245.90.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Morgan Stanley may be liable for investment or other losses suffered by Meier’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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