The Financial Industry Regulatory Authority (FINRA) issued a Letter of Acceptance, Waiver, and Consent (AWC) in which Thomas Meier, of Miami, Florida, was permanently barred from association with any FINRA member firm in all capacities. Thomas Alan Meier was found by FINRA to have engaged in unauthorized trading in eight of his customer’s accounts, causing substantial losses to the affected customers.
FINRA found that Mr. Meier effected approximately 1,290 unauthorized transactions in eight accounts of six of his customers. The transactions included both purchases and sales of equity securities. According to FINRA, Mr. Meier did not have discussions with the customer prior to the transactions, nor did he obtain their authorization prior to executing any of the transactions. FINRA’s findings note that two of the customer’s suffered realized losses of approximately $78,000. Mr. Meier allegedly earned approximately $265,000 for his unauthorized transactions. Continue Reading