Gary Alan Meier of Vancouver Massachusetts a stockbroker and investment advisor representative formerly employed by Pacific West Securities Inc. and Pacific West Financial Consultants Inc. is referenced in a Consent Order issued by the Washington State Department of Financial Institutions Securities Division in which Meier has been fined and suspended from engaging in investment advisory activities in the state based upon findings that Meier violated the Securities Act of Washington by (1) selling away from the firm (2) concealing conflicts of interests inherent in those transactions and (3) failing to be forthcoming to the Securities Division in regard to his activities. Case No. S-16-2029-17-CO02 (Aug. 10, 2017).
According to the Statement of Charges issued on August 10, 2017, Meier placed securities transactions outside the auspices of Pacific West Securities. Apparently, the firms were not aware of Meier’s activities, and Meier failed to disclose negative aspects of the transactions. Meier ultimately withdrew his investment advisor registration in the state as well as the right to reapply for registration as a salesperson or broker-dealer in the state.
This is not the first time that Meier has been subject of a regulatory action by Washington’s Securities Division. Specifically, a Statement of Charges and Notice of Intent to Enter Order to Revoke Registration, Impose Fines and Cease and Desist had been issued to Meier by the Securities Division supported by accusations against Meier of misrepresentation, unregistered activities, unsuitable recommendations, and unauthorized transactions. S-15-1759-16-SC01 (Feb. 3, 2017).
According to the February 3, 2017 Statement of Charges, while Meier was associated with Cambridge Investment Research, Meier poorly advised customers in regard to penny stocks that were purchased in their accounts. Meier also allegedly made trades in the customers’ investment accounts despite having failed to generate the customer’s permission beforehand. Moreover, Meier apparently made misrepresentations to customers in regard to the future value of customers’ penny stock holdings. The Securities Division has sought sanctions against Meier including a monetary penalty, cease and desist, and bar.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Meier is referenced in four additional customer initiated investment related disputes containing allegations of Meier’s violative conduct while employed with Cambridge Investment Research, Inc. Specifically, on November 1, 2014, a customer filed an investment related complaint involving Meier’s activities in which the customer sought $200,000.00 in damages founded on accusations that Meier made investment recommendations to the customer that were not suitable in reference to the common and preferred stock and over-the-counter equities trades placed in the customer’s account.
Then, a customer filed an investment related arbitration claim regarding Meier’s conduct where the customer requested $310,000.00 in damages based upon allegations that fiduciary duties had been breached, the customer’s account was handled in a negligent manner, transactions were executed in the customer’s account that were unsuitable, and misrepresentations were made to the customer concerning penny stock investments held in the customer’s account. FINRA Arbitration No. 17-02769 (Oct. 24, 2017).
Another customer filed an investment related arbitration claim concerning Meier’s activities in which the customer sought $278,500.00 in damages supported by accusations of unsuitability against Meier pertaining to exchange traded fund and over-the-counter equities trades executed in the customer’s account. FINRA Arbitration No. 18-01128 (Mar. 30, 2018). Thereafter, a customer filed an investment related arbitration claim involving Meier’s conduct where the customer requested $252,000.00 in damages founded on allegations of negligence, suitability and breach of fiduciary duty relating to the customer’s penny stock holdings. FINRA Arbitration No. 18-01983 (May 29, 2018).
Meier’s registration with Pacific West Securities Inc. has been terminated as of February 12, 2012, and his registration with Cambridge Investment Research Inc. was terminated on May 8, 2015.
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