Steven John Meyer, Recovery of Investment Losses
According to the Financial Industry Regulatory Authority, Steven John Meyer of Staten Island, New York, has been barred from the securities industry.
In August, Steven John Meyer was barred by The State New Hampshire State Securities Bureau for allegations of excessively and rapidly trading three customer accounts while working at Legend Securities. Trading was allegedly found to be unsuitable and confirmations were marked unsolicited when they were actually solicited. The investigation found that Meyer purportedly violated telemarketing policies, and churned customer accounts. Further, he was found to have allegedly acted unethically and dishonestly.
Between April 2014 and October 2016, FINRA reportedly found that Meyer engaged in churning, unauthorized trading and unsuitable excessive trading in four customers’ accounts, two of whom were senior citizens.
According to FINRA BrokerCheck, Meyer’s registration with Legend Securities, Inc., was terminated on October 12, 2016. He was associated with Chelsea Financial Services from October 12, 2016, to March 16, 2017.
Failure to Supervise
Brokers have a fiduciary duty to make investment recommendations that are in the client’s best interest and consistent with the client’s net worth, investment experience and objectives. Other factors should also be considered such as risk tolerance, age, and liquidity needs. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
This information, which is publicly available, has been provided by The White Law Group.
If you have questions about investments you made with Steven John Meyer, The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm. The firm has offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at http://www.whitesecuritieslaw.com.