Meyer Wilson's team of securities fraud lawyers is currently investigating
allegations involving former
Wells Fargo broker Douglas J. Melzer that he sold over $2 million in unapproved outside
Douglas J. Melzer (CRD# 5438362) was registered with Wells Fargo in Sewickley,
Pennsylvania from January 2008 until January 2013. During this time, he
is accused of selling his customers $2 million in unapproved outside investments
in Aquatic Synthesis Unlimited, a water treatment equipment company at
which his wife was a partner. Wells Fargo fired Melzer in January 2013.
He was banned from FINRA this week.
In his signed letter of
Acceptance, Waiver & Consent, Melzer consented to FINRA's findings that he "solicited four
customers to invest $2 million in an outside investment without providing
Wells Fargo prior written notice. Melzer was compensated at least $26,500
for his participation." According to FINRA, Melzer's actions
were in violation of NASD Rule 3040/FINRA Rule 2010.
In a separate incident, FINRA accused Melzer of causing certain customers'
account codes to be changed. This change resulted in Melzer receiving
over $9,500 in commissions when that money should have gone to Melzer's
partners. This misappropriation of funds was a violation of FINRA Rule 2010.
Did you invest with Douglas J. Melzer of Wells Fargo in Sewickley, Pennsylvania?
If you did and you lost money, Meyer Wilson may be able to help you recover
your losses. Our firm is currently investigating claims surrounding Melzer
that he sold unapproved outside investments to his clients. Contact us
today at (888) 390-6491 or fill out a
free case review form to get in touch with us.