Douglas Jay Melzer (aka DUTCH MELZER) (CRD #5438362, Mars, Pennsylvania)
was barred by FINRA for allegedly soliciting his member firm’s clients to invest $2,000,000 in an outside investment, which the firm had not approved, without providing his firm prior written notice or receiving prior written approval.
FINRA's findings stated that Melzer misappropriated funds from his firm for his personal benefit. Melzer caused the registered representative code on certain customer accounts to be changed and, as a result, caused the firm to pay him more than $9,500 in commissions that should have been paid to his partners.
(FINRA Case #2013035601301)
Doug Melzer was previously registered with the following firms:
03/2013 - 01/2015 PARK AVENUE SECURITIES LLC (CRD# 46173) - PITTSBURGH, PA
01/2008 - 01/2013 WELLS FARGO ADVISORS, LLC (CRD# 19616) - SEWICKLEY, PA
The previous summation from FINRA's Website under "Disciplinary and Other Actions April 2015, ends here."
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