Call Now For a Free Consultation:
(614) 502-6165

Broker Daniel Peltier Pays Fine for Market Manipulation of Over-the-Counter Stock

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 initial article.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation

Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram