Financial Advisor Daniel Peltier was served a 10-month suspension and was
ordered to pay a $40,000 fine over accusations by securities regulators
of market manipulation. During the time period of the alleged misconduct,
Peltier was a financial advisor at RBC Capital Markets, LLC (“RBC”).
According to FINRA, the accusations of market manipulation center on an
“over-the-counter stock” called Mix 1 Life, Inc. “(MIXX”).
“Over-the-counter” stock refers to stock that is not traded
on a major exchange; rather, individuals trade the stock via phone and
computer. Over-the-counter trading is often used for companies that cannot
not meet the requirements of, or have been delisted from, a major exchange.
In July 2017, FINRA found that Peltier placed approximately 82 buy limit
orders for MIXX in his and his son’s accounts – after recommending
the purchase of the stock to five RBC clients. Peltier’s buy orders
exceeded 20 percent of the market volume for MIXX on 46 days during the
time period at issue: July 2014 to February 2015. On those 46 days, FINRA
found that Peltier placed over 60 buy limit orders to purchase MIXX, nearly
all of which were matched in an amount and price with a recently placed
sell order at another broker-dealer. His orders had the effect of stabilizing
the price of MIXX at or around $6 per share. FINRA concluded that Peltier
should have known that his buy orders were being used to facilitate a
market manipulation. Additionally, FINRA found that Peltier mismarked
trade tickets as “unsolicited,” when they were actually “solicited”
investments, and that Peltier did not review MIXX financial statements
to determine whether there was a reasonable basis to recommend that his
clients purchase MIXX.
If you invested with Daniel Peltier or are concerned about over the counter
stock, call the experienced investment attorneys at Meyer Wilson today
for a free consultation.
Correction: On May 8, 2018, this article was revised and corrected. The
original article mistakenly referenced broker-dealer Raymond James rather
than RBC Capital Markets. The conduct referenced in the above article
occurred while Mr. Peltier was affiliated with RBC Capital Markets and
not, as the article initially indicated, with Raymond James. Meyer Wilson
apologizes for the mistake of identifying the wrong broker-dealer in the