FINRA barred principal Merle Gene Walter for failing to disclose multiple instances of financial misconduct, unsatisfied civil judgments and a federal tax lien against him on his Form U4 and when prompted during an annual certification.
According to the findings, while associated with MCL Financial Group, Inc., Walter failed to disclose that on multiple occasions, he improperly borrowed funds from customers, engaged in an outside business activity and engaged in unethical conduct related to his handling of an elderly customer's accounts. Walter also failed to disclose seven outstanding and unsatisfied judgments and a federal tax lien.
FINRA found that from 2006 through 2011, Walter borrowed $191,000 from firm customers without authorization from the firm.
In 2009, Walter allegedly charged an elderly customer $75,000 for various advisory and consulting services provided in 2006 and 2007. Investigators found that Walter charged other firm customers a fee for similar services thereafter and did not inform the firm of his outside business activity.
In regards to Walter's charged unethical conduct with respect to an elderly customer's accounts, from 2006 through 2010, Walter allegedly double-billed two of the elderly client's accounts for the aforementioned advisory and consulting services. Investigators found that even though Walter received payment for the double-billing, he failed to provide double-service and/or refund the overpayment.
If you have invested with Merle Gene Walter, MCL Financial Group or with any broker or firm that has engaged in outside business activities, unethical conduct, or has maintained faulty bookkeeping that has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.