The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley rep Thomas Alan Meier for engaging in unauthorized trades in his customers' accounts.
Mr. Meier resigned from Morgan Stanley March 15, 2016 while the firm was reviewing his trading activity, Finra said in its letter of acceptance, waiver and consent.
Finra said that from July 2012 through March 2016, Mr. Meier "effected more than 1,000 unauthorized transactions" in the accounts of six customers and, for four other customers, used discretion without written authorization and without the accounts being accepted as discretionary.
Between April, 2016 and October, 2017, the firm filed 21 amended Forms U5 for Mr. Meier, disclosing 14 customer complaints, including two arbitration claims. Morgan Stanley has settled 13 of the claims and paid the customers approximately $2.5 million.
Mr. Meier is no longer associated with a Finra-member firm.