Former Cambridge Investment Research, Inc. financial advisor Gary Meier (CRD# 1591561) has six pending customer complaints for investment losses. Meier was registered with Cambridge Investment Research, Inc. in Vancouver, Washington from 2013 to 2015.
In August 2017, the Washington state DFI Securities Division issued a Statement of Charges alleging that Meier had violated the Securities Act of Washington in his capacity as investment adviser representative and registered representative. He was issued a Cease and Desist.
In February 2017, the Securities Division of the state of Washington issued a Statement of Charges and Notice of Intent to Enter Order to Cease and Desist, to Revoke Registration, to Impose Fines, and to Charge Costs (Statement of Charges) against Meier. The state alleged that Meier engaged in the following unethical business practices as an investment adviser representative in Washington:
- Executing transactions in client accounts without obtaining prior authority to do so
- Making unsuitable investment recommendations through the purchase of speculative penny stock in client accounts
- Misrepresenting to clients the future value of their penny stock holdings
- Engaging in unregistered investment advisor activity
Meier has been the subject of eight customer complaints between 2014 and 2019, one of which was closed without action, according to his CRD report:
- March 2019. “SOC alleges suitability of low priced securities.” The customer is seeking $188,000 in damages and the case is currently pending.
- March 2019. “Client alleges misrepresentation of low priced securities.” The customer is seeking $225,000 in damages and the case is currently pending.
- January 2019. “Client alleges misrepresentation of low priced securities.” The customer is seeking $450,000 in damages and the case is currently pending.
- January 2019. “Client alleges sale of unsuitable stocks.” The customer is seeking $65,000 in damages and the case is currently pending.
- May 2018. “Alleges suitability, breach of fiduciary duty, negligence.” The customer is seeking $252,000 in damages and the case is currently pending.
- March 2018. “Clients allege RR sold them unsuitable products.” The customer is seeking $278,500 in damages and the case is currently pending.
- June 2017. “Misrepresentation of investments, suitability, negligence, breach of fiduciary duty.” The customer sought $310,000 in damages and the case was settled for $93,500.
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, Cambridge Investment Research, Inc. 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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