FINRA Sanctions Meyers Associates again for Supervisory Issues
According to The Financial Industry Regulatory Authority Inc., the regulator has fined Meyers Associates $700,000 and barred its principal from serving as a principal of a firm or as a supervisor.
FINRA alleges that Meyers Associates sent misleading sales literature by email and failed to supervise preparation of the firm’s books and records.
Meyers Associates recently changed its name to Windsor Street Capital.
This isn’t the first time Meyers Associates has been in hot water with FINRA for supervisory issues. According to FINRA, the firm has been the subject of 16 final disciplinary actions since 2000.
Last year we told you the SEC charged the firm and its anti-money laundering officer with securities violations regarding the unregistered sale of “hundreds of millions” of penny stock shares without adequate due diligence, in January 2017. The firm allegedly failed to file suspicious activity reports, as is required by the SEC, for at least $24.8 million in suspicious penny-stock sale transactions.
Failure to Supervise
Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules. If it is determined that the broker dealer failed to supervise their agents, they can be held responsible for losses in a FINRA arbitration claim.
Are you concerned about your investments with Meyers Associates or Windsor Street Capital? The securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call The White Law Group at (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, please visit www.whitesecuritieslaw.com