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Paul Meyer: Did RBC Advisor Make Unauthorized Trades?
Paul Meyer (CRD# 3062534), an advisor based in Minnetonka, recently received investor complaints alleging he engaged in misconduct that resulted in losses. Records maintained by the Financial Industry Regulatory Authority, a private corporation overseeing its member broker-dealer firms, show that he is a broker and an investment advisor with RBC Capital Markets.
Pending Complaints Allege 6-Figure Damages
Mr. Meyer’s BrokerCheck report discloses two investor complaints. Both filed in October 2022, they detail allegations that include unauthorized trading and the provision of poor advice regarding equity investments while he was at RBC Capital Markets. The pending complaints allege a total of $383,594 in damages.
Industry Rules Forbid Unauthorized Trading
FINRA rules and other securities industry regulations forbid brokers like Paul Meyer from making securities transactions without their customer’s permission or authorization. For instance, FINRA Rule 2010 stipulates registered representatives of FINRA member firms must “observe high standards of commercial honor and just and equitable principles of trade.” Unauthorized trading is one of various types of unethical conduct that might be considered a violations of this rule. While brokers may in some cases be permitted to exercise discretionary authority to make trades in client accounts, FINRA Rule 2510 clarifies that “no member or registered representative shall exercise discretion in a customer’s account” without the customer’s prior written authorization and the firm’s approval of the account for discretionary trading. Representatives who make unauthorized transactions may be held liable for damages or even subject to disciplinary action by FINRA and/or the Securities and Exchange Commission.
FINRA: Meyer Based in Minnetonka
According to the Financial Industry Regulatory Authority, Paul Meyer has spent 24 years in the securities industry. A broker and advisor with RBC Capital Markets since 2017, he is currently based in Minnetonka, Minnesota. He was previously a representative of Morgan Stanley in Minneapolis, Minnesota from 2008 until 2017, before which he was registered with RBC from 1998 until 2008. Having passed four securities industry qualifying exams, he holds 21 state licenses. (Information current as of November 27, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.