Meyers Associates L.P. Brokers Allegedly Manipulate Stock Market
The Financial Industry Regulatory Authority (FINRA) has filed a complaint against Meyers Associates L.P. which is based in New York and three of its registered members for allegedly violating a slew of conduct rules set by the U.S. Securities and Exchange Commission (SEC). The FINRA complaint alleges that George Johnson, Joseph Mahalick, and Christopher Wynne of Chicago, Illinois were all part of a market manipulation scheme that involved fraudulent omissions, falsification of records, unauthorized disclosure of information, and dissemination of various research and sales materials. FINRA alleges that Johnson willfully violated the Securities and Exchange Act by manipulating the market for the common stock IceWeb Inc. Johnson allegedly solicited certain customers to buy shares in IceWeb while simultaneously telling others to sell in an effort to artificially inflate prices. FINRA also alleges that Christopher Wynne, who was Johnson’s supervisor at Meyers Associates L.P., violated FINRA Rule 2010 by sending customers research materials that were “riddled with misleading, exaggerated and unsupported claims and failed to disclose material information.”
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