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.
