According to FA-Mag.com, former broker and owner of Middle Cove Capital LLC, Noah L. Myers, was sentenced to 40 months in prison after pleading guilty to securities fraud. Myers was accused of “cherry picking,” a fraudulent trading practice that sticks clients with losing investments.
FA-Mag.com reports that Myers allegedly purchased securities in the morning and at the end of the day would allocate the good trades to his accounts and the trades that lost value to client accounts.
Myers alleged scheme occurred between October 2008 and February 2011. During that time, according to BrokerCheck, Myers was a registered representative with Purshe Kaplan Sterling Investments.
When a FINRA registered representative commits fraud and makes unsuitable investment recommendations, they can be liable for investment losses. Furthermore, the firm where they are registered may be liable for negligent supervision of their representative and held liable in a FINRA dispute resolution claim.
If you suffered losses investing with Noah L Myers and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on the firm, visit www.WhiteSecuritiesLaw.com.