Maine Broker Fined and Suspended by FINRA Over Purchase of UITs Without Authorization

Soreide Law Group has obtained the following summary of information from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2015.”

Malcolm McGreggor Meikle Jr. (CRD #331313, Standish, Maine)

was assessed a deferred fine of $10,000 and suspended by FINRA for 20 business days for allegedly purchasing Unit Investment Trusts (UITs) for clients without prior written authorization.

FINRA's findings stated that although Meikle had verbal authorization to exercise discretion in these accounts, the customers had not provided him with written authorization, and his member firm had not approved these accounts as discretionary.

Also FINRA's findings stated that Meikle effected purchases in customer accounts without the customer’s knowledge, authorization or consent.

The suspension was in effect from December 1, 2014, through December 29, 2014. (FINRA Case #2013037685001)

Malcolm McGreggor Meikle Jr was registered in the securities industry for 43 years and was previously registered with the following securities firm(s):

02/1982 - 07/2013 PRUCO SECURITIES, LLC. (CRD# 5685) - SOUTH PORTLAND, ME

05/1970 - 12/1993 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (CRD# 680) - NEWARK, NJ

This ends the summation of information from FINRA's website.

If you or a loved one have become a victim of unauthorized trading by your broker, please contact Soreide Law Group for a free consultation with an attorney at 888-760-6552.