Meyer Wilson is investigating a case regarding former stockbroker Derek
Weaver. Last month, the Financial Industry Regulatory Authority ("FINRA")
permanently barred Weaver, formerly a broker at
MetLife Securities, Inc. and Pruco Securities, LLC. The action by FINRA came after it sent Weaver
a request for documents concerning allegations that he participated in a
Ponzi scheme. Weaver refused to provide documents and information as requested, and
he was barred as a result.
The FINRA letter of Acceptance, Waiver, and Consent did not give specific
details concerning the nature of Weaver's role in the alleged Ponzi
scheme. The FINRA BrokerCheck report for Weaver shows three prior customer
complaints. He also filed personal Chapter 7 Bankruptcy in 2008.
Under securities industry rules, brokerage firms are required to
carefully monitor all transactions in customer accounts in order to identify potential improper
activity like what allegedly occurred in Weaver's customers' brokerage
accounts. Customers who suffer losses because of a brokerage firm's
failure to supervise their accounts may bring formal claims against the
brokerage firm, but such claims typically cannot be brought in court and
instead are subject to mandatory
arbitration through FINRA.
If you lost money because of alleged misconduct by Weaver, then you may
be able to recover your losses. Please contact the experienced securities
fraud lawyers at Meyer Wilson for a
free review of your case. Since 1999, the lawyers of Meyer Wilson have represented investors in
over 900 securities arbitration claims against
brokerage firms and recovered millions of dollars on behalf of their clients.