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://whitesecuritieslaw.com.
Tags: broker churning, Chicago broker fraud attorney, Chicago churning attorney, Chicago FINRA attorney, Chicago investment fraud attorney, Chicago securities attorney, Chicago securities lawyer, churning attorney, churning fraud, churning turnover ratio, Edward, Excessive brokerage fees, Excessive buying and selling securities, excessive financial advisor commissions, excessive financial advisor fees, Excessive stockbroker commissions, Excessive stockbroker fees, financial advisor account churning, financial advisor Churn & burn, financial advisor churning attorney, financial advisor churning lawyer, financial advisor Excessive commissions, Financial advisor Excessive fees, financial advisor Excessive transactions, Financial advisor frequent trades, Florida churning attorney, Florida churning lawyer, Frequent broker commissions, Frequent brokerage fees, how much trading is too much, Illinois churning attorney, Illinois churning lawyer, investment advisor account churning, investment advisor churn and burn, investment advisor excessive commissions, investment advisor excessive fees, investment advisor excessive transactions, investment advisor frequent trades, Steven John Meyer allegations, Steven John Meyer barred, Steven John Meyer Chelsea, Steven John Meyer churning, Steven John Meyer complaint, Steven John Meyer dispute, Steven John Meyer excessive trading, Steven John Meyer FINRA, Steven John Meyer investigation, Steven John Meyer investment loss, Steven John Meyer New Hamphire, Steven John Meyer New York broker, Steven John Meyer review, Steven John Meyer Staten Island NY, stockbroker Account churning, stockbroker churning and burn, stockbroker churning attorney, stockbroker churning lawyer, stockbroker excessive commissions, stockbroker excessive fees, stockbroker excessive transactions, Stockbroker frequent trades, Vero Beach securities lawyer, Vero Securities fraud attorney, what is churning, What is discretionary authority, what is excessive trading, what turnover ratio is considered churning, why is my financial advisor trading so much Last modified: March 25, 2019
