The Hanley Law (239) 649-0050 recently discovered that according to FINRA’s Disciplinary and Other FINRA Actions publication, Douglas Jay Melzer (CRD No. 5438362) was barred from associating with any FINRA member after allegedly soliciting clients to invest $2,000,000.00 in an outside investment, without providing his firm prior written notice or receiving written approval. Furthermore, Melzer was compensated at least $26,500.00 for his participation in the transactions.
Additionally, FINRA alleged that Melzer misappropriated funds from his firm for his personal benefit. Melzer caused the registered representative code on certain customer accounts to be changed, which resulted in the firm to pay him more than $9,500.00 in commissions that should have been paid to his partners. (See FINRA AWC No. 2013035601301)
Douglas Jay Melzer was an active broker for 6 years with the following member firm(s):
PARK AVENUE SECURITIES, LLC
CRD #46173
PITTSBURGH, PA
3/2013 – 1/2015
WELLS FARGO ADVISORS, LLC
CRD # 19616
SEWICKLEY, PA
1/2008 – 1/2013
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.