Colts Neck, New Jersey Attorney Who Sues Stockbrokers For Unsuitable Investment Recommendations
Did Robert Steven Meyers Cause You Investment Losses? Robert Steven Meyer of Colts Neck, New Jersey submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which he was fined $7,500, suspended for three months, and ordered to pay $25,030 in restitution. The sanctions were based on findings that he engaged in excessive, unsuitable trading in violation of FINRA Rules 2111 and 2010. The suspension is in effect from October 29, 2020, through January 18, 2021. In October 2018, Robert Steven Meyers joined MCM and was registered as an Operations Professional, General Securities Representative and General Securities Principal. According to FINRA Meyers engaged in excessive, unsuitable trading in two customers’ accounts which resulted in high commissions and losses. The findings stated that one customer opened an account at MCM with $39,000 and the second one with $104,000. As a result of the alleged trading’s, the customers lost a combined total of $53,183 and paid $25,030 in commissions. In addition, FINRA stated that Meyers was required to complete 20 hours of continuing education concerning FINRA’s suitability rule. FINRA Rule 2111(a) provides in pertinent part that “[a] member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.” Recommended securities transactions may be unsuitable if, when taken together, they are excessive, the level of trading is inconsistent with the customer’s investment profile, and the registered representative exercises control over the customer’s account. No single test defines when trading is excessive, but factors such as the turnover rate and the cost-to-equity ratio are considered in determining whether a member firm or associated person has violated FINRA’s suitability rule. Do You Need a New Jersey FINRA Securities Arbitration Attorney? Are you a Colts Neck, New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts? Did they recommend unsuitable securities transactions or strategies? Suitability claims can be based upon the stockbroker or investment advisor’s fiduciary duty, duty to use reasonable care, or FINRA Rule 2111. If you believe that your stockbroker or investment advisor made unsuitable recommendations, you need a skilled securities arbitration attorney who knows all the investments, investment strategies and stockbroker tricks of the trade. Free Initial Consultation With Experienced Attorneys Serving Colts Neck, New Jersey Residents in FINRA Securities Arbitrations Involving Unsuitable Investment Claims At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.
Continue Reading